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Forum is pressing for flexible retirement

The Government is coming under fierce pressure to introduce rules which allow more flexible retirement packages.

The Employers&#39 Forum on Age, chaired by FSA chairman Howard Davies, is calling on the Inland Revenue to revamp tax rules on pension payments.

In a report this week, the forum says tax rules on pensions are preventing employees enjoying a flexible retirement. Employees can draw a pension at 50 but have to retire fully and take a full pension. The forum says increasingly employees do not fully retire but take up part-time employment as they get closer to retirement age.

Davies says: "It is not possible to draw a partial pension alongside a part-time wage from the same employer."

The Revenue says it is set to release a discussion paper on flexible retirement in the new year.

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