Flexible Retirement and Inflexible Pension Schemes Available to Purchase

The potential of flexible retirement will not be realised until the fear of substantial income loss is allayed. At present, for people looking at flexible retirement options, the occupational pension is not the vehicle to use, as the SFO (Superannuation Funds Office) does not look favourably on those planning in advance to wind down their career gradually insisting, as it does, that a fixed retirement age constitutes part of the scheme. Norman Fowler's consultative document on Personal Pensions (1984) aims to encourage more take‐up of occupational schemes through the individual being given freedom to choose the type of benefits suiting individual needs; in effect, this will allow people to contract out of the State earnings‐related scheme. Greater attention needs to be given to training trade union representatives in pension matters — many, at the moment, being expected to discuss very complex issues with little or no training.