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Over-50s 'to benefit from retirement changes'

Individuals in their 50s can at present find it difficult to move jobs or change careers, as few employers like to take on staff who are closer to retirement age.

However, Laith Khalaf, pensions analyst at Hargreaves Lansdown, noted changes to the mandatory retirement age - either its abolishment altogether or its pushing back to 70 or 75 - would mean people in this demographic would have longer to work.

He commented: "People do find it difficult at the moment in that sense, and there is a case to suggest that prolonging working life will make it easier for those people to regain employment."

According to research carried out by the Federation of Small Businesses, nearly 80 per cent of small firms said they do not use the default retirement age for their staff and 76 per cent believe retirement should be based on a mutual decision between the employee and employer.