50+ Working Lives is a project, funded by the Department for Work and Pensions, to provide an information and guidance service throughout 2008 to people aged 50+ within Cambridgeshire, Bedford and mid-Bedfordshire.
There are currently about 1 million people already working beyond State Pension age, while many choose to withdraw from the labour market early. Many people feel forced to leave work early, while others take ill-informed decisions about early retirement, with little thought for the financial consequences. For those who leave work early, 70% did not consider either the immediate or longer term financial implications of their decision when deciding to retire. A lack of knowledge and understanding or work options, pension's policies and retirement options seriously undermines many people's capacity to plan ahead.
Currently there is little guidance or support available nationally for people to plan their work in later life. For the over 50s the right support can make a huge difference to their future financial security and quality of life. For this contract, Life Academy is providing information to employees approaching and over age 50 on work options in later life and the transition from paid work. The are providing employees with an awareness of:
- current developments relating to state and occupational pensions
- the retirement landscape including the demographic drivers and the response from government and employers
- guidance on managing caring and health issues and continuing to work
- scope for retraining
- the provisions of recent age legislation
- options for part-time or flexible working.
The objective is to ensure individuals are better able to make informed choices about work in later life.
