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A survey has found that 54% of firms would welcome the return of the default retirement age. Of those firms who want to see the legislation reintroduced, 60% said they would set it between 61 and 65, while a quarter said it should be between 66 and 70. Irwin Mitchell found that most companies would like it introduced because they fear losing their best, younger members of staff amid a lack of promotion opportunities. Tom Flanagan, partner and Irwin Mitchell’s head of employment, said: “Given the choice, most companies would rather have a retirement age. More significantly, firms are not willing to take what they perceive as a risk and attempt to legally justify a retirement age”. Separately, thousands of people have been encouraged to retire early after the Chancellor’s tax raid on pensions sparked fears that more final-salary schemes will be closed.
This news item was supplied by The Letter of the Law.
