Mandatory retirement age may lead to talent loss’

The default age of retirement in the UK has been questioned amid claims that it could lead to a loss of talent on the workplace.

Research by The Age and Employment Network (TAEN) and the Employers Forum on Age has revealed that 64 per cent of HR managers are in agreement that making staff take retirement at a specific age can lead to a loss of valuable talent and knowledge.

Furthermore, three-quarters of respondents who have taken steps to remove this age limit believe that this has resulted in them being able to boost their reputation while retaining important skills.

Chris Ball, TAEN chief executive, said: “Most employers, even those with mandatory retirement ages, say it is of no help in dealing with under-performing employees.”

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However, he added that this was the major justification given when the national default retirement age was first introduced.

Recent research by Mercer revealed that older workers were more likely to participate in flexible benefit schemes than their younger counterparts.