Phasing out the default retirement age. Consultation response
The Actuarial Profession has not submitted detailed comments on the consultation questions. However, the Profession wishes to reinforce the comment that is made in the consultation paper that a number of insurance-type benefits become increasingly and disproportionately expensive in respect of employees who continue to work beyond age 65. Exemptions will be required in relation to the provision of all such benefits. Care will be required in drafting these exemptions to ensure that they apply however the benefits are provided. In particular, the exemptions should be even-handed between employers who provide such benefits by insuring them with an insurance company, and those who in effect self-insure them by providing them from an occupational pension scheme.