Darren Dicks for Aviva, comments on the scrapping of the default retirement age, “The Government plan to abolish the default retirement age from October 2011 is great news for the 68% of over 55s who want to work past the current standard retirement age. And, it is even better news for the 5% who believe that they will be forced to leave their current roles when they reach the official retirement age. While increased financial security is a major factor, there are also significant emotional, social and intellectual benefits that are often overlooked. Keeping minds active, staying out from under their partner's feet and enjoying social interaction appear to be real benefits that are pushing people to keep working. Semi-retirement appears to be a very real choice for many older people as an alternative to the traditional rigid retirement age.”
Companies will no longer be able to force people to retire at 65. Insurers should amend their insurances so that those over 65 are not denied cover. Individuals should ensure that existing and new insurances do not suddenly cease cover at 65 or even earlier, and are flexible to give you the choice of when to retire.