Ending default retirement age will create greater financial flexibility

Following Government confirmation to dispose of the default retirement age (DRA), insurance, pensions and investments specialist NFU Mutual explained how the change may affect workers.

Jane Mulford, pension specialist at NFU Mutual, said: "Scrapping the DRA will create greater financial flexibility for those that want to, or feel that they have to, continue working past 65.

"Abandoning the DRA will allow workers to take better control of their retirement plans rather than forcing them out of employment earlier than planned, or relying exclusively on State or private pensions for income. This is particularly important when you consider the UK's ageing population with insufficient pension savings.

"Older workers that are in good health and want to work for longer will be able to continue to contribute to pensions and retirement savings, helping them to maintain a similar standard of living in later years.

"Hopefully, this should encourage more people to plan ahead for a financially secure future. We urge people, whatever their age or income, to take this opportunity to discuss their retirement planning with a financial adviser so that they can retire in confidence."

NFU Mutual understands the pensions and investment needs of those who live and work in the countryside and is dedicated to helping its members make the most of their money.

With over 300 Agency offices throughout the UK, NFU Mutual members wanting to discuss their financial provisions can book an appointment with an NFU Mutual Financial Consultant. Members can even arrange a home visit to talk through their finances in the comfort of their own living room.

NFU Mutual Financial Consultants advise on NFU Mutual products and services and in special circumstances those of other providers. For more information on NFU Mutual's pension products, members can visit their local branch, visit nfumutual.co.uk.