Many people coming up to retirement have done the sums and found that their pension - that shining light at the end of the work tunnel, the very thing that many people have saved for all their working lives – is not actually going to provide enough income for them to live on once they have ceased employment.

There are not many options for most people once this realization has dawned. Relocation - find a country abroad that will give you a good standard of living for less money? The other option, and one many people are having to come to terms with, is that they will have to continue working beyond normal retirement age in order to make ends meet.

During the affluent 1980s and 90s, ‘ageism’ became the buzz word in employment. Have you ever applied for a job only to find that in fact at say 40, you are too old? In certain industries, employees moving on have been replaced by people half their age (quite often for a lot less money), but also half their experience.

In the 'noughties', this situation has practically reversed. Many employers have finally discovered that which a lot of us knew all along; with an older worker you are likely to benefit from a more adaptable and dependable human resource. Us older employees are better time keepers, more diligent, willing to learn new trades, and better mannered.

Having been away from the UK for a number of years, I was really thrilled to find, on a recent visit, so many older employees in shops and offices; instead of the usual sulky and apathetic approach of a teenager, it was a delight to be served by a 60 something year old who was polite, helpful and cheerful.

Skills, experience and competence should be the main determining factors in employment decisions, and age should be irrelevant. Many individuals want the opportunity to improve their working lives, or even continue working well after retirement age.

New legislation in the UK is a huge relief not only to those who find they have to continue working even into their seventies, but also to those who decide late in life to change careers.

On the 1st October 2006 a new law came into force – this makes it illegal for employers to treat someone unfairly in terms of career development, employment or vocational training because of their age…..without good reason.

The regulations (which will not affect the age at which people can claim their state pension):
• ban age discrimination in terms of recruitment, promotion and training.
• ban unjustified retirement ages of below 65.
• remove the current age limit for unfair dismissal and redundancy rights.

Employees will also have the right to:
• request working beyond retirement age and a duty on employers to consider that request.
• at least six months notice from employer to employee about their intended retirement date so that individuals can plan better for retirement, and be confident that "retirement" is not being used as cover for unfair dismissal.

Scope of Regulations
The Regulations apply to both employment and vocational training. They prohibit unjustified direct and indirect age discrimination, and all harassment and victimisation on grounds of age, of people of any age, young or old.
(See the Department of Trade and Industry (DTI) website for full details on Employment Equality (Age) Regulations 2006 - Employment Equality (Age) Regulations 2006

Not only do these regulations help those already in employment and who want to keep working, they also allow you to plan better for your retirement. It is important to be able to adjust the balance between home and work as you get older, and the new law allows a great deal more flexibility. This could mean part-time working, job sharing or even taking unpaid leave or sabbaticals.

You can put off claiming your State Pension which may mean a higher pension in the future; you will also be able to continue to work for an employer whilst drawing your occupational pension.

These new regulations are fantastic for helping older workers plan for their retirement. They also reduce the worry for older people who find that they need to continue working beyond retirement date….to know that you are entitled to apply for any job you are qualified for regardless of age, adds to your dignity and does wonders for your morale in later life.That can only be good!

Resources:
Deferring your State Pension
http://www.thepensionservice.gov.uk/state-pension/deferral/home.asp
State Pension forecast…find our what you can expect
http://www.thepensionservice.gov.uk/state-pension/forecast/home.asp
Employment opportunities for older workers
http://www.skilledpeople.com/

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