- Three-quarters (74%) of employers have a defined contractual
retirement age. Access
benchmarking data.
- The most common reasons for having a contractual retirement age are
because it is established practice, followed by workforce planning and linkage
to pension benefits. Access benchmarking
data.
- Contractual retirement ages are most commonly set at 65 - in line with the
national default retirement age introduced by the Employment Equality (Age)
Regulations, 2006. Access benchmarking
data.
- Nearly three-quarters (72%) of employers say it would be best for their
organisation if the default retirement age were neither abolished nor
changed. Access
benchmarking data.
- Reduced career development opportunities for younger employees and reduced
capability are among the potential disadvantages that employers perceive in
changing the default retirement age. Access benchmarking
data.
- But employers also see potential advantages to changing the default
retirement age, including the retention of experience, knowledge and
skills. Access
benchmarking data.
- More than two-thirds (69%) of employers say at least one employee has
retired before the defined contractual retirement age over the past two
years. Access
benchmarking data.
- The median number of employees retiring before the default contractual
retirement age was five. Access benchmarking
data.
- Public sector organisations are almost twice as likely as those in the
private sector to offer specific support to employees in the period leading up
to retirement. Access
benchmarking data.
I hope these links will help you get the most out of the benchmarking data
from this survey. As ever, please get in touch if you have any queries
about the XpertHR Benchmarking service.
Michael Carty, Benchmarking Editor
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