Pensions - Articles - Saga welcomes official end of the 'Default Retirement Age'


     
  •   5th October 2012 marks the final date that employers can force workers to retire at 65
  •  
  •   Record numbers are already continuing to work past 65 to the benefit of themselves and the economy
  •  
  •   Saga has produced guides for employees and employers to help deal with the end of the default retirement age, these can be found here

 The Default Retirement Age (DRA) which allowed employers to force people to retire when they reached 65, is about to become history as older workers are given more choice about when to stop working.

 The end of forced retirement should have happened many years ago and Saga has long campaigned for the change in this law.

 Dr Ros Altmann, Director-General of Saga comments:

 "We have already seen a huge increase in older workers. The fact is that people are simply not 'old' or 'past it' any more in their sixties and, after all the tremendous advances in healthcare and labour practices, there is no reason why those who want to keep working should be forced out just on the grounds of their age. Such ageist attitudes and discriminatory practices have no place in a modern labour market.

 "It is a credit to this Government that one of its first actions when taking office was to announce an end to the Default Retirement Age. The move was long overdue and hopefully the workplace is now much more welcoming to older workers. This change does not mean anyone has to be forced to work longer. But it does mean that employers cannot force people to stop, if they are perfectly good at their jobs and willing and able to work.

 "By keeping more over 65s economically active, we will be improving the medium term job prospects for the economy, since millions of older people pulling out of the labour force with inadequate pensions would leave less money to spend on leisure, services and consumption which ultimately means fewer jobs and lower growth for younger generations too. A social revolution seems underway, and the more people embrace these opportunities, the better for all of us."
  

Back to Index


Similar News to this Story

PPF marks 20 years of protection in its Annual Report
The Pension Protection Fund (PPF) has published its 2024/25 Annual Report and Accounts, marking its 20th anniversary with a year of strong financial p
DC pensions continue to back Net Zero despite ESG backlash
Barnett Waddingham’s latest DC Sustainability Report finds a 34% increase in allocations to funds with a climate target in the growth stage since orig
Chancellors focus on guided retirement for pensions savers
Ahead of the Mansion House speech to be delivered by UK Chancellor Rachel Reeves on the evening of 15 July, Glyn Bradley, Chair of Pensions Board at t

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.