The Department for Work and Pensions has selected Life Academy to provide an information and guidance service throughout 2008 in 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 of work options, pension’s policies and retirement options seriously undermines many people’s capacity to plan ahead.
Evidence suggests that older workers would work longer if they could access flexible or part-time working. Despite this apparent demand for flexible working in later life, there appears to be a lack of guidance and information about flexible working options for older workers.
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 18-month contract, Life Academy will be providing information to employees approaching and over age 50 on work options in later life and the transition from paid work. They will provide 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.
Life Academy will work with employers, professional and trade bodies, trades unions and community groups to reach employees and will deliver the service at the work place, in community settings or in premises they are establishing in Cambridge.
This new office will provide the focal point of the new information and guidance service. The Cambridge staff will run the office and co-ordinate the local activities. They will be supported by staff from head office in Guildford and Life Academy’s professional members.
During 2008 they expect to deliver information and guidance to over 3,000 people approaching or over age 50 so that they are better equipped to make informed choices about issues such as the late stages of their working life, state and occupational pensions, and finance.
