Further results show that 60% of British employees retired before the minimum legal age of 65. Most decided to do so through choice, although 20% say they experienced pressure from their employer. This shows a slight drop since 2006 (28%), perhaps due to the age discrimination law that came into effect that year, according to AXA.
The report also finds that this year organisations could face £45 million in compensation bills for age-related discrimination claims, based on the prediction that there will be 5,250 claims.
“Employers could be leaving themselves dangerously exposed to litigation,” says Steve Folkard, head of pensions and savings policy at AXA. “They should review their retirement policies and decision-making processes to make sure they are protected against both future and retrospective claims.”
