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Don't Be Shy When Retiring

25 May 2011

I know I'm not alone in thinking I'm still 25 until the eyes catch the reflection in a mirror and dispel the illusion. Time and its passing is an inevitable factor in life but as a wise man one said about ageing, it's better than the alternative.

You know you’re getting to a certain age when the doors are held open for you and seats offered up on the metro. Or as George Burns once famously said, “you know you’re getting old when you stoop to tie your laces and wonder what else you could do while you’re down there.”

But whilst we concede to the inevitable grey and receding hair, wrinkles and need for arm extensions to read small print we don’t have to fall into the “grumpy old” category. For the record I’m a spritely 51!

So what have we got to be pleased about in middle age?

In the workplace we’re now faced with legislation that allows us to work beyond 65, unless your employer wrote to you before April 6th this year and suggested a firm retirement date. Certainly employers will now need to manage an ageing workforce with an even greater emphasis on adjustments to accommodate potential disabilities.

Some of us may need to work into our 70’s, whilst others just can’t wait to put their feet up and enjoy a more leisurely lifestyle.

Critical to the ability to decide one way or the other will be the investment made in an appropriate pension. Can we afford to retire and if so enjoy the standard of living you’d always thought retirement would bring? According to Aviva’s research last year the UK has the largest gap between expected pension provision and reality so we have some work to do.

Economic conditions won’t have helped many in this regard as pension planning is often sacrificed in favour of “living for the day” or university fees wipe out any savings. But if we intend to enjoy a long and happy life it’s worth taking a little pain in the pocket when you’re younger.

As a business we took a step in this direction a few years ago and now offer staff a contributory pension scheme that all who are eligible have taken up. It’s not just a good way to attract the right talent or keep the personnel you have it’s simply the right thing to do.

It’s also worth keeping your employees abreast of the latest developments with pension provision, some may not want to engage but offering an opportunity to plan and feel more confident about life beyond work is again the act of a caring employer.

Robert Gibson – managing partner

If you would like more information on this or any HR related issue contact me via Twitter @SamPLaw_HR or via LinkedIn or call 0191 2328451.

Robert Gibson is Head of Employment and Managing partner at Samuel Phillips law Firm e-mail robertgibson@samuelphillips.co.uk