The National Association of Pension Funds (NAPF) has criticised government plans to increase the statutory retirement age for men to 66, claiming the move could disrupt workers’ plans for leaving work.
Speaking to the Daily Telegraph, NAPF chief executive Joanne Segars accepted there needs to be a change in the retirement age, but claimed the coalition is moving too quickly on the issue and should reconsider its approach.
“Many people now in their mid to late 50s have made quite detailed retirement plans and they will be unable to recalibrate their savings to cover the state pension they will lose,” she explained. “The government is being too hasty.”
Ms Segars claimed some companies have grown concerned about the potential for “gender inequality”, with the reforms due to be imposed on male employees four years before women.
Last month, Engineering Employers’ Federation head of employment policy David Yeandle warned any attempt to scrap the default retirement age could put pressure on firms to continually assess the capabilities of older members of staff.
Posted by Hayley Edwards