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Employers and workers clash over retirement

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A potential gap looms between employee and employer expectations of when workers will retire, an Aegon report has warned.

The international survey of 9,000 people and 12 major companies found employers will have to more actively supporting employees at the end of their careers as phased retirement becomes the norm in the US and Western Europe.

The UK officially abolished the default retirement age on 5 October which had previously allowed employers to enforce retirement at 65.

The Aegon report, The Changing Face of Retirement: The Workplace Perspective, written in collaboration with Transamerica Center for Retirement, found 69% of UK employees expect to work beyond retirement.

But the survey found employers are not prepared to support a phased approach.

It found companies interviewed in Europe had few policies or guidelines in place that will allow older staff to continue working past the statutory retirement age.

Aegon said employers need to provide older workers with financial advice, re-skilling or opportunities to move to part-time work or even to carve out new careers.

The survey also warned a generation of employees are set to retire on insufficient savings from solely defined contribution pensions, with only 15% on track to achieve the income they want at retirement.

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