Retirement policies 'have not kept up with modern trends'
Date posted: 04 May 2010
Older people should be encouraged to stay in employment for longer periods of time, rather than being forced to take retirement, an expert suggests.
Published by Louise Border.
Forcing people to retire at the age of 65 is of no benefit to the country's wider economy, an expert believes.
The independent pensions expert Dr Ros Altmann suggests that the UK's retirement policies do not appear to have kept up with recent social trends.
She stated: "People are not old at 60 or 65 anymore - we have made such amazing advances in healthcare, life expectancy, working practices and yet somehow retirement ... policy has failed to keep up."
Dr Altmann, who also acts as a London School of Economics governor, added that forcing people to give up work diminishes the spending power of older consumers, while reducing the amount of tax that the country receives from them.
The remarks made by the pensions expert follow research published by Age UK.
It has recently suggested that last year saw 120,000 people forced into retirement, which has had a negative economic impact.
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