Compulsory retirement to be pensioned off

Compulsory
retirement is set to be scrapped under new proposals announced by the
Government today.

In
the long-awaited pensions Green Paper it also proposes enabling people to
continue working part-time and draw a pension from the same firm.

The
Government is to consider giving people who defer taking their state pension
for five or more years a 50 per cent increase in their weekly payment, and
raising the normal pension age for all new public sector workers from 60 to 65.

In
addition, the Green Paper proposes the biggest shake-up of the pensions tax
system ever; a reduction in red tape, which would collectively save firms with
occupational schemes up to £200m a year; and the setting up of an independent
commission to assess whether pensions savings should be made compulsory.

By Ben Willmott

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