Category: PAYE Umbrella Company News

Progress on changes to the retirement age has been welcomed, but more flexibility is needed for PAYE umbrella companies and other employers, it has been suggested.

Phasing out the default retirement age is a positive step, according to specialist solutions provider Just Retirement, but added flexibility is needed to benefit care provision.

It said the announcement from work and pensions secretary Ian Duncan Smith that individuals would be allowed to work beyond the current retirement age is a "fully justified" move considering the increasing life expectancy rates, but requires a broader review.

Not everyone will benefit from good health in their later years so there should not be a hard and fast rule for all, the firm added.

"This represents an opportunity to harmonise provision and would enable pensions to reflect the true needs of an increasing proportion of the population," commented David Cooper, marketing and distribution director at Just Retirement.

Law firm Pinsent Masons has also backed an increase in the state retirement age, saying it should be moved to 70.

Posted by John Crawley