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Date added: 12 December 2011

The end of retirement as we know it 

With the default retirement age removed with effect from 01 October, Peta Fry explains how it could affect your business
 
Peta Fry Monahans
Peta Fry, HR Director at Monahans, explains how to make the most of the new government changes in relation to retirement ages.

You will still be able to use a compulsory retirement date if you can prove that it is necessary to meet legitimate employment policy, labour market or vocational objectives and that compulsory retirement is an appropriate and necessary means of achieving this.
 
By 2020 nearly a third of the workforce will be over 50, so with an ageing population compulsory retirement will be difficult to justify.

What you need to do
 
With this in mind it is important to decide on your employment strategy now, especially in the current economic climate where having the right skills, knowledge and experience is increasingly important for organisations.
 
There are business benefits to be gained through flexible retirement; you can retain key people, valuable skills and expertise whilst reducing staff turnover and recruitment and training costs, but it does need to be proactively managed.
 
The number of claims taken to an employment tribunal is steadily increasing and with no cap on any potential award, it could be costly not to be prepared.
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