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Home »News »Finance News

Changes to retirement age 'will help over 50s find employment'

26/01/2010

Changes to the default retirement age for the UK could help people over the age of 50 to find work and remain in employment, it has been claimed.

The House of Lords is currently considering changing the rules for UK workers, potentially meaning that the default retirement age could be discontinued.

According to Laith Khalaf, pensions analyst at Hargreaves Lansdown, the possible law changes would help people over the age of 50 to stay in the jobs market.

"People do find it difficult at the moment in that sense, and there is a case to suggest that prolonging working life will make it easier for those people to regain employment should they be laid off," he said.

Mr Khalaf added that problems could occur should the retirement age and pensionable age fail to correlate.

"You then have an issue of people being pushed out of work with three years to wait before they can draw their state pension," he said.

He added: "There will be some reform, but what that takes - either a complete abolition of the default retirement age - or whether it will be put back to another age such as 70, remains to be seen."

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