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Actuaries want end to early retirement

Actuary groups are calling for a national campaign to end early retirement bec-ause of the strain it is putting on the nation&#39s wealth.

The call came at a Faculty and Institute of Actuaries debate in London last week entitled. Living Lon-ger is Bad For The Nat-ion&#39s Wealth.

But actuaries sounded an optimistic note about the so-called demographic timebomb, saying that an aging population did not have to have a negative impact on the nation&#39s wealth as a whole.

Actuary Des Le Grys warned that the growing trend towards early retirement is a one-way ticket to poverty.

He called on the Government, unions, employer groups and pension providers to mount a national campaign to change this culture.

Le Grys said the measures should be linked with increased employment flexibility.

Actuary Paul Johnson said there will however be increasing polarisation between those who have invested for retirement and those content to rely on state benefits.

Council member Brian Ridsdale said: “Changes in retirement age, in levels of pension and in the extent to which long-term care is funded, pensions are paid for and work is provided need a degree of public information and support before they can be tackled. This information needs to be clear and unbiased by political agenda.”

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