A report issued by the European Commission is urging UK workers to defer retiring early and work longer. In simple terms, working longer and saving more will give better security for both our country as well as our European cousins. The average UK retirement age last year was 60.
The Commission suggests that Governments should amend pensions legislation to restrict early retirement.
Our view
More Euro rules removing choice. This will not help bridge the savings gap (the difference between what people are saving and what they should be saving). Removing flexibility can only damage the already fragile pensions area. It is all well and good to encourage people to work on, but that is much easier when you are working in the sunshine of Spain or Greece. Getting out of bed at age 68, on a cold, damp, dark November morning in the UK is perhaps not as appealing.
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