Marks & Spencer is set to extend its retirement age in order to retain
its skilled staff.
The embattled retailer, which showed signs of recovery last week, intends to
increase its retirement age from 65 to 70.
The move came in the same week as figures were released by the Employers
Forum on Age that show that three-quarters of staff believe they should be able
to choose when they retire.
Helena Feltham, HR director at M&S, will be seeking board approval to
extend retirement age within the next two weeks following a nine-month review.
Mark Watson, policy support at M&S, said, "We’re explaining to
staff that their options are being increased. If they want to, they can defer
their pension and keep contributing, or they can receive their payments
alongside their salary."
If the board approves the more flexible approach – which will also allow
staff to work beyond 70 if they pass an annual health check – then it will be
introduced immediately. It follows Nationwide building society’s move to extend
its retirement age last month.