New research from Canada Life Group has revealed that people are planning to take advantage of the opportunities offered by the end of the default retirement age, with over a third (35%) of employees believing they will work past the age of 65.
This will force employers to take the implications of having an older workforce into account in terms of the benefits they offer, with some benefits likely to become more expensive.
Lack of understanding
Despite the fact the change occurred a year ago, 48% of workers were not aware that the default retirement age had been scrapped. This suggests that while many people may wish to work longer, some may not be aware of the option and simply retire as they think they should.
Implications for rest of the workplace
Men in particular feel they are more likely to continue working for longer as a result of the removal of the default retirement age, with 44% agreeing they would still be working past their 65th birthday (women 31%).
However, some people believe that an older workforce will create problems, particularly for younger employees. Nearly a third (29%) feel that having people remain in work past the age of 65 will make it harder for younger people to move up the career ladder, especially in light of the current unemployment figures. The older generations – potentially as they intend to keep working – are most likely to feel this way, with 43% of those aged 51-60 forecasting a ‘job-blocking’ effect.
Others expect that having older workers will change the working dynamic, with a fifth (20%) forecasting changes because older people may have more health issues. As a result, 27% of workers think that employers will be forced to hand out incentives in order to encourage people to retire, with nearly a third (31%) of 51-60 year olds believing this will be the case.
Paul Avis, Sales and Marketing Director at Canada Life Group Insurance comments; “It is evident that many UK workers intend to take advantage of recent changes to the default retirement age and work past the age of 65. Whether this will have a positive or negative effect on younger workers remains to be seen, but it is inevitable that having an older workforce will have implications on the kind of benefits that employers can provide.
“For older workers, healthcare provision and group protection products such as critical illness cover will become an increasingly attractive part of their employment package. If a substantial rise in the number of older workers should occur within the workplace, employers will find it hard to avoid providing these types of products, but may find it more expensive.
“We would advise all employers to take into account the impact of the change to the average retirement age and review their benefit packages accordingly. By speaking to an advisor to ensure they are getting the most for their money, they won’t be faced with an unexpected bill!”
More are choosing to work after retirement - 27 February 2013
Job prospects remain bleak for too many older people looking for work - 14 November 2012
Working over 65's could hit 2 million by 2022 - 13 June 2012
Campaigns & Issues
National Award Scheme Launched
THE ELDERLY Accommodation Council (EAC) National Housing awards for Older People 2013 are now in full swing
This year will be the fourth year that the awards have been held, and they aim to put residents in older peoples housing right at the centre of the assessment and award process.
A new formula for the awards has been launched this year which combine an entertaining nomination process with a Resident Consultation and already it is proving to be a great success.
Top designer and celebrity chefs join Prostate Cancer UK in leading the fight against the disease
Prostate Cancer UK is urging the nation to dust off their vintage tea cups, grab their rolling pins, get baking and hold a 1940s themed Tea For Victory party in order to raise vital funds to help the 250,000 men in the UK living with prostate cancer.
One of Britain's most acclaimed designers and vintage supporters, Wayne Hemingway, has exclusively designed 40s-style materials, including bunting, table cloths and cake stands, available for people to use at their tea parties.
Top class celebrity chefs, including Nigella Lawson, Rick Stein, Levi Roots, Ken Hom, Thane Prince, Jo Pratt, Angela Hartnett and BBC Masterchef winner Mat Follas are also showing their support for Tea For Victory by creating recipes to inspire the nation. People can read these and hear more from the chefs about why they are getting involved, by visiting www.prostatecanceruk.org/tearecipes.
Competitions & Fun
Win a set of Quartet goodies - plus the DVD and Soundtrack!
Discover a warm, fun and bittersweet look at growing old disgracefully, orchestrated by a British ensemble of acting maestros, as the number one UK box office smash hit comedy QUARTET comes to Blu-Ray, DVD and digital download on 6 May 2013.
To celebrate the release, we are offering four lucky winners the chance to win a Quartet merchandise bundle which includes: a DVD, a soundtrack by Decca records, a branded gardening set and 4 packs of plant and vegetable seeds! Each pack of seeds is matched to a character. Varieties include Cayenne pepper, Tomato, Sunflower and Poppy.
Win a prize at home or away in this month's prize draw with Silver Travel Advisor!
Enter now and you could win a prize at home or away! How about a 7 night break for 2, with flights included, in beautiful Slovenia? Or a trip to London’s glitzy theatreland, staying in a 4* hotel? Both fabulous treats which must be won!
Silver Travel Advisor is a friendly website packed with advice, tips, information and honest reviews written by and for silver travellers (aged over 50). A team of advisors are on hand to answer queries (for free), and you can share your own experiences too.
Health & Wellbeing
Active life for a healthier you
Active Life is a collective of friendly, knowledgeable and experienced health and fitness professionals, all of whom share a passion for helping people develop and maintain a healthier lifestyle.
Based in Southend on Sea, Essex, our activities range from gentle yoga, relaxation and pilates to circuit training, exercise to music, keep fit, dance classes, running groups and Nordic walking.
We cater for all abilities, working mainly with Adults aged 50 and over but also tots to teens, mums, dads, and whole family groups.
Property & Finance
New EU Tax Would Hit Millions Of Pensioners And Investors
The EU's controversial Financial Transactions Tax (FTT) would "hit the pensions and investments of millions of hard working people" and would not exclusively target "so-called City fat cats," warns the boss of the world's largest independent financial advisory firm.
Leisure and Lifestyle
Take the 20p test for safe motoring
Most UK motorists are pretty clueless when it comes to tyre tread safety, a new survey has revealed.
The vast majority of motorists are simply unaware of the absolute minimum legal tyre tread depth for their cars or vans.
In a new nationwide survey by the breakdown service Autonational Rescue, just 38% of motorists knew that the correct minimum legal tyre tread depth is in fact 1.6 millimetres.
Flying the flag for the best English beaches
Keep Britain Tidy names England’s 147 award-winning beaches for 2013
From Whitley Bay to Clacton, Margate to Torbay, England boasts some of the best and cleanest beaches in the world.
Today, Keep Britain Tidy is announcing the winners of the 2013 Blue Flag and Seaside Awards. In total 55 beaches have gained the Blue Flag and 113 have picked up the new Seaside Award (formerly Quality Coast Award).
Have you noticed that that those advocating rises in pension levels to absurd levels like this are all very much younger and have no experience of the ageing process?