Retirement Age No Match for Directors

Pensioners can take heart as the Default Retirement Age will be phased out by October 2011.

Many older people who cannot afford to retire were very happy at the prospect of the Default Retirement Age being phased out. This means that workers can no longer be forced to retire at a certain age.

According to new research from Creditsafe, this has not been an issue for directors in the UK. An article in the Barchester News reports that 360,000 directors in the UK are over the age of 65. This constitutes three per cent of the pensioner population.

Many older people who cannot afford to retire were very happy at the prospect of the Default Retirement Age being phased out. This means that workers can no longer be forced to retire at a certain age.

Even better, directors at this age are seen to be an increasingly desirable asset for newly established companies. Companies in this category have appointed up to 10,000 directors in the retirement age group over the past six months. This is 3.5 per cent of all new companies.

Older workers can take even more encouragement from the fact that the average age of the top 20 billionaires in the UK this year is 67.4, more than two years above the retirement age in the country.

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