United Kingdom: Survey Suggests Scottish Employers Not Ready for Older Workforce

Mining the details of its second survey from the "JLT 250 Club" on defined contribution (DC) pension schemes in the workplace, JLT Benefit Solutions finds that Scottish employers may not have adapted yet to a future without retirement. Even though the United Kingdom has abolished mandatory retirement, 50% of Scottish employers who participated in the survey do not yet know how they will adapt to an older employee workforce, and only one-third are reviewing or planning to review their reward strategy.

According to Malcolm Paul, Chairman of JLT Benefit Solutions in Scotland:

In particular, from the perspective of reward strategy, Scottish employers need to give consideration to the employee benefits that they will provide to their workers who continue in service after normal pension age. Organisations need a policy on the inevitable increase in demand for flexible retirement and the future role of pensions and other benefits in succession planning.

Source: JLT Benefit Solutions Limited News Release (February 22, 2012)