April 2011 is a significant month for those retiring. The default retirement age of 65 is effectively abolished and for many employers this will have a significant impact on performance culture and workforce/succession planning. The changes give employees the right to choose when and whether they wish to leave work and removes the nonsense of being effective and capable at aged 64 and 364 days and then suddenly pensioned off the following day. Hopefully businesses will benefit from the continuing experience and skills that older workers can bring to the workplace if they continue to be capable and effective.
In addition, from 6th April it will no longer be necessary to purchase an annuity at 75. More flexible "income drawdown" rules will allow greater control over an individual's pension fund during lifetime and on death. This again is a much needed improvment to the current position.
And finally, the Government has announced plans to increase the state pension to £150 per week. How this is to be funded has yet to be announced but it does seem another move in the right direction, again helping people to secure a better financial future in their later years.