The Government is calling for businesses and individuals to submit evidence on the default retirement age to feed into the review taking place next year.
It is seeking evidence on the operation of the DRA in practice, why businesses use mandatory retirement ages, the impact on businesses, individuals and the economy of raising or removing the DRA, the experience of businesses operating without a DRA and how could any costs of raising or removing the DRA be mitigated and benefits realised.
Calculis director Alex Pegley says: “A lot of people who have not saved much and who are not in very well paid jobs are going to have to work past 65 so increasing the default retirement age will be beneficial to them but will mean additional costs for companies.”
Church Hill Finance principal Anthony Badaloo says: “In an ideal world, the default retirement age should be increased but it should be negotiable, depending on the individual’s circumstances, because no two 65-year-olds are the same.”
Submissions for the review should be made by February 1, 2010 and can be emailed to: email@example.com or sent to DRA Evidence, Department for Business, Innovation and Skills, V497, 1 Victoria Street, London SW1H 0ET.