This keeps costs much lower than in France, and Greece, for example, where the retirement age is 60 or below, and where pension outlays are soaring as a result.
And that of course, as recent posts have suggested, is well below the historic average and well below what pension funds are relying on.
"There is a clear distinction being drawn here, in treatment, between those over, and those below state pension age".
Employers have to automatically enrol all workers who are at least 22 years old but below state pension age, earn more than a minimum amount (currently £10,000 a year, which is the same as gross earnings of least £192 a week), and are not in a workplace pension scheme.
Employers must automatically enrol any employee who, on the date the law applies to them, is at least 22 years old but below state pension age, earns more than a minimum amount (currently £10,000 a year, which is the same as gross earnings of £833 a month), and is not in a workplace pension scheme.
Employers will have to enrol workers who are at least 22 but below state pension age; who earn more than £8,105 (the figure for the current tax year, equating to earnings of £156 or more per week), and who aren't already in a pension scheme.
The basic facts are these: Employers will have to enrol workers who are at least 22 but below state pension age; who earn more than a minimum amount (£8,105 a year for the current tax year – £156 a week); and are not in a workplace scheme.
The EESL revision legally mandated firms to offer such reemployment opportunities to all employees below the pension eligibility age.
Those with average or below average pension rights tend to intensify their search effort, while those with above average pension rights tend to choose to retire earlier than in the benchmark.
