In the last couple of years there have been a number of moves from government to encourage people to retire later; the state pension age is increasing and the default retirement age has been abolished, to name but a few. When the current economic climate is considered, the government’s aim is perhaps more difficult.
Retirement is changing and not just in the UK, a recent Eurostat survey showed that one-third of Europeans currently employed say they would like to continue working even after they become entitled to a pension. Perhaps a more important statistic is that almost two-thirds of Europeans believe they should be allowed to continue working beyond official retirement age.
As an industry perhaps the key message we can take from this is the need to plan and focus on the specific need of individuals for whom work and retirement is a continually changing and challenging subject that is in their own hands.
Mike Morrison is head of pensions development of Axa Wealth
