PracticeAccounting FirmsAccountants will not delay retirement to fix pensions crisis

Accountants will not delay retirement to fix pensions crisis

Government plans to raise the retirement age to 68 are rejected by accountants

The profession shocked pension experts this week with its emphatic opposition
to working longer as a solution to the UK’s pension crisis.

A resounding 69% of respondents to the latest Accountancy
Age
/Robert Half Finance & Accounting salary survey rejected government
plans to raise the retirement age to 68, despite worries among those polled
about the growing pensions’ shortfall.

Experts said that retiring later was one of the few alternatives to tackling
the pensions crisis.

David Lane, partner in actuaries Lane, Clark & Peacock, said: ‘The only
real option is to retire later. People will wake up to that sooner or later.’

This month the Pensions Commission, headed by Lord Turner, proposed a series
of far-reaching reforms including raising the statutory retirement age to 68 by
2050.

John Whiting, partner at PricewaterhouseCoopers, said: ‘My immediate reaction
is that I’m surprised by the findings but maybe accountants feel overworked and
want a break.’

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