Articles - Workplace pensions should set the Gold standard

 By Dale Critchley, Workplace Policy Manager, Aviva

 Taking part in equestrian events into your 50s and 60s is not uncommon. But in many other sports, this is not realistic.

 Pension rules used to allow savers in some occupations to take pension benefits as early as their thirties. These included athletes, badminton players, and table tennis players, as well as trapeze artists, models, and deep-sea divers.

 These type of early retirement ages no longer exist, and those making a living in careers which tend to be limited by advancing age must often move to alternative employment to provide an income in later life.

 For many people, working longer means more time to save into a pension, which can help boost retirement income. It means there’s more time for savings to grow. And also, potentially less time dependent on pension savings for an income.

 However, planning to work for longer does come with risks, and none of us can predict the future. Physical and mental health is not guaranteed, and both have the potential to curtail working into old age.

 Employers are generally cognisant of the benefit of providing a pension scheme that funds retirement from an age that suits both their business and their employees. They also generally recognise the value that high performing older workers can bring.

 It is generally important to both the employer and the employee that people carry on working until they feel ready to retire, physically, mentally, and financially.

 The winning combination is for employers to have pension schemes which are well governed, offer value for money, and provide financial education at the right time.

 These can all help to ensure that employees have the financial backing they need to leave their employer when it suits them and while still working at their peak.

 After all, surely no one wants to see Usain Bolt finish last in the 100 metres.