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.
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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.
