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Posted by Emily Jones

Plans announced by the new coalition government concerning retirement laws have been welcomed by one company.

At the end of last month, work and pensions secretary Iain Duncan Smith stated that the Conservative/Liberal Democrat administration intends to phase out the present default retirement age.

The politician, who assumed his current position after a power sharing deal was formed between the two parties, said the age at which people can be forced to give up work will be increased gradually.

This, he noted, is in a bid to reduce the gap between consumers' needs in later life and their expected levels of income.

Responding to the development, Just Retirement said it is a good thing that will serve to benefit the country.

It commented: "This move is fully justified in the light of increasing life expectancy but requires a broader review of the needs that will emerge if individuals work longer."

03/06/2010 14:42