Late Retirement

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    Late Retirement

    This refers to when a member of an occupational pension scheme delays retirement beyond the pension schemes normal retirement date. In these cases, the payment of their retirement benefits will also be delayed until they take retirement. Not all occupational pension schemes will let members work beyond the normal retirement date. These schemes have a mandatory retirement date by which time scheme members must take retirement. However, with longer life expectancies it is likely that employers will soon be legally required to allow there employees to take late retirement if they want to continue working. [ OK? – once new legislation is announced this can be re-worded.]