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4 Jul 2020

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Income protection market could be affected by later retirement

The government has revealed plans to move forward a review into the possibility of removing its compulsory retirement age.

With more people working beyond the age of 65, plans to consider scrapping the notion of a compulsory retirement could see people requiring income protection for many more years than at present.

Following on from the influential Turner Review, the government has revealed that it intends to look into the default retirement age next year with a view to removing it if necessary.

It admitted that 1.3 million people work beyond the state pension age, with reports indicating that many more people would if they were allowed to do so by their employers.

Writing for the Telegraph, pensions expert Tom McPhail said: "I believe that it is inevitable sooner or later and, despite the howls of protest from the CBI (Confederation of British Industry), I think that it is probably a good thing."

According to Health Insurance & Protection magazine, Aon Consulting has suggested that an increase in the retirement age from 65 to 70 could see the cost of providing group income protection rise by 20 per cent.

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