Fuller Working Lives –
Introducing the Business
Champion for Older Workers
Monday 14th July 2014
#olderworkers
Welcome
Baroness Sally Greengross
Chief Executive
ILC-UK
#olderworkers
Welcome
John Godfrey
Group Communications Director
Legal & General
#olderworkers
Steve Webb MP
Minister for Pensions
Department for Work and Pensions
#olderworkers
Dr Ros Altmann
Business Champion for Older Workers
#olderworkers
OLDER WORKERS’ BUSINESS CHAMPION
Dr Ros Altmann
ILC-UK Event
Legal and General
Dr. Ros Altmann,CBE
14 July 2014
@rosaltmann
TIMETO REVOLUTIONISE RETIREMENT
 Longer, healthier lives leave retirement out of date
 By 2020 will be 3,700,000 more pe...
SOMETHINGWENTWRONG
 1950s, each one year of retirement funded by 5 years of work
 Now, each one year of retirement funded by under 2 years ...
IT’S ALREADY BEGINNING
• 71% of workers say they will consider working past state pension age, to
achieve a higher retirem...
LET’S CHANGETHE NARRATIVE
 Not so much challenges or problems – more opportunities and good news
 Framework for Action p...
EMPLOYERS HAVEAVITAL ROLE
 I want to work with businesses to hear what they say about older workforce
 Employers have an...
MCDONALD’S
 David Fairhurst – Chief People Officer “Changing demographics in the
workplace mean that later life workers a...
AT BROWN COACHES
 Director – Ewen Macleod “They’re like gold-dust.Their
experience and flexibility would be hard and cost...
OLDERWORKERS CHAMPION
 Engage with business leaders, HR professionals
 Engage with individuals to help embrace opportuni...
BENEFITSTO BUSINESS
 Retaining knowledge, firm-specific skills and experience
 Avoid skill shortages
 Maintain producti...
BENEFITSTO INDIVIDUALS
 Financial, physical, wellbeing
 Retraining? Gap years then study? New start in your 50s – not th...
BENEFITSTO SOCIETY
 Demographics – older generations can drive boost to growth
 Higher output and national income
 Incr...
CONCLUSIONS
 Help champion older workers’ skills – retention, retraining and recruitment
 So much going on but needs to ...
THANKS FOR LISTENING…
 www.pensionsandsavings.com
 @rosaltmann
 www.rosaltmann.com
Q&A for the Minister
and Champion
#olderworkers
Mario Ambrosi
Head of Public Affairs
Anchor
#olderworkers
Kim Tidey
Activity Coordinator at Greenacres Care Home
Anchor
#olderworkers
Panel Discussion
Mark Beatson, Chief Executive, CIPD
Rachael Saunders, Acting Director Age
Intergenerational Workplaces, B...
Open Discussion
#olderworkers
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14 Jul 14 - Fuller Working Lives: Announcing the new Business Champion for Older Workers. A joint ILC-UK/DWP event hosted by Legal & General

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  • The current pension scheme was designed in the 1950s
    People were expected to work for 50 years and be retired for five to 10 years
    In the 21st century people are working 45 years and are retired for up to 23 years
    Retirement equals about 50% of working life
    Work, retirement and pensions have been squeezed at both ends
  • The challenge for the pensions industry will be to deliver new products that can help people mitigate the risks of living a long time and protect against the capital losses on investments
  • This is a huge opportunity for the financial services industry to deliver a new retirement reality for consumers. The UK can lead the world with its new retirement savings framework
    Retirement planning will need to include saving and working – people need to plan to use both their financial capital and their human capital
    There is a vital role for advisers – we need a National Wealth Service which will focus people’s minds on how crucial it is to save for retirement and to plan for their financial future.
    Products need to change and we need a revolution in retirement accumulation and income solutions, rather than just tweaking and tinkering with the current product set.
  • Shep to compere questions and introduce voting buttons
  • 14 Jul 14 - Fuller Working Lives: Announcing the new Business Champion for Older Workers. A joint ILC-UK/DWP event hosted by Legal & General

    1. 1. Fuller Working Lives – Introducing the Business Champion for Older Workers Monday 14th July 2014 #olderworkers
    2. 2. Welcome Baroness Sally Greengross Chief Executive ILC-UK #olderworkers
    3. 3. Welcome John Godfrey Group Communications Director Legal & General #olderworkers
    4. 4. Steve Webb MP Minister for Pensions Department for Work and Pensions #olderworkers
    5. 5. Dr Ros Altmann Business Champion for Older Workers #olderworkers
    6. 6. OLDER WORKERS’ BUSINESS CHAMPION Dr Ros Altmann ILC-UK Event Legal and General Dr. Ros Altmann,CBE 14 July 2014 @rosaltmann
    7. 7. TIMETO REVOLUTIONISE RETIREMENT  Longer, healthier lives leave retirement out of date  By 2020 will be 3,700,000 more people aged 50 – SPA  But 700,000 fewer in age group 16 – 49  Immigration adds <200,000 a year  Over 50s will be c. 1/3 of working age population  Employers need to retain experience and skills
    8. 8. SOMETHINGWENTWRONG
    9. 9.  1950s, each one year of retirement funded by 5 years of work  Now, each one year of retirement funded by under 2 years work  Combination of more work and more savings offers a solution  Rethinking retirement – a process not an event  People still have so much to offer for themselves and others  Healthier and longer lives, less physical demands of work PENSIONS DETACHED FROM RETIREMENT
    10. 10. IT’S ALREADY BEGINNING • 71% of workers say they will consider working past state pension age, to achieve a higher retirement income • Only 8% not willing to work on, even if struggle financially • Only 20% believe they’re saving enough for retirement • Source: MetLife Survey
    11. 11. LET’S CHANGETHE NARRATIVE  Not so much challenges or problems – more opportunities and good news  Framework for Action phone-ins explained financial, social and health elements  Government has abolished Default Retirement Age  Introduced right to flexible working for all  Now we need to change attitudes more widely  Social revolution
    12. 12. EMPLOYERS HAVEAVITAL ROLE  I want to work with businesses to hear what they say about older workforce  Employers have an important role to play  Not just contributing to pensions BUT ALSO making the most of the skills of older staff  Key drivers of highest pensioner income = good pensions or staying at work  top 20% of pensioner couples: 37% of income from earnings and 36% from pensions  Working longer is part of planning for higher later life income  Number of pensioners in work has nearly doubled  753,000 in 1993, 1.4 million in 2011, 63% working part-time
    13. 13. MCDONALD’S  David Fairhurst – Chief People Officer “Changing demographics in the workplace mean that later life workers are now the fastest growing age group in the labour market.Yet despite the growing numbers of mature workers, their contribution to business and the wider economy often goes unsung. It might surprise people to learn that at McDonald’s we employ over 1,000 people aged 60 and above.These employees play an important role in our business and, as the research shows, they make a huge impact on customer satisfaction.”
    14. 14. AT BROWN COACHES  Director – Ewen Macleod “They’re like gold-dust.Their experience and flexibility would be hard and costly to replace. At the same time we do also have a 16 year old apprentice mechanic who is shaping up well and is very keen. . It’s better for my business to keep our older workers, many working flexibly, than to recruit replacements. It’s all about long-term survival, even more so in the current climate.”
    15. 15. OLDERWORKERS CHAMPION  Engage with business leaders, HR professionals  Engage with individuals to help embrace opportunities  Important to help people recognise new realities  Understand and change attitudes for the benefit of all
    16. 16. BENEFITSTO BUSINESS  Retaining knowledge, firm-specific skills and experience  Avoid skill shortages  Maintain productivity  Ability to mentor younger employees  Customers often want age-diverse workforce
    17. 17. BENEFITSTO INDIVIDUALS  Financial, physical, wellbeing  Retraining? Gap years then study? New start in your 50s – not the end! Extra years worked Extra income (average workers, cumulative) Increase in pension fund (approx.) 1 £25,000 £4,500 (+4%) 2 £50,000 £9.500 (+8%) 3 £75,000 £14,000 (+13%)
    18. 18. BENEFITSTO SOCIETY  Demographics – older generations can drive boost to growth  Higher output and national income  Increased national wellbeing  Reduced benefit spending  Higher long-term growth  More older workers brings more jobs for the young
    19. 19. CONCLUSIONS  Help champion older workers’ skills – retention, retraining and recruitment  So much going on but needs to be brought together  Not about forcing people to work longer  Enabling, facilitating, encouraging  Win-win for individuals, business and society as a whole
    20. 20. THANKS FOR LISTENING…  www.pensionsandsavings.com  @rosaltmann  www.rosaltmann.com
    21. 21. Q&A for the Minister and Champion #olderworkers
    22. 22. Mario Ambrosi Head of Public Affairs Anchor #olderworkers
    23. 23. Kim Tidey Activity Coordinator at Greenacres Care Home Anchor #olderworkers
    24. 24. Panel Discussion Mark Beatson, Chief Executive, CIPD Rachael Saunders, Acting Director Age Intergenerational Workplaces, BitC Alastair Clegg, CEO, PRIME #olderworkers
    25. 25. Open Discussion #olderworkers

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