According to recent research by Age UK, 120,000 workers were forced to retire in 2009, when they reached the Default Retirement Age (DRA) of 65. This, it says, cost the economy £3.5bn, plus employers lost the benefit of experienced staff.
What next? In their manifestos, the three main political parties all confirmed they would be changing how the DRA operates. But while the previous government had launched a formal review, none of them have committed to abolishing the DRA altogether, so whether it gets scrapped or raised remains to be seen. Until then, your retirement policies are safe.
l For a sample retirement policy please call 01920 468061