1. Fuller Working Lives –
Introducing the Business
Champion for Older Workers
Monday 14th July 2014
#olderworkers

2. Welcome
Baroness Sally Greengross
Chief Executive
ILC-UK
#olderworkers

3. Welcome
John Godfrey
Group Communications Director
Legal & General
#olderworkers

4. Steve Webb MP
Minister for Pensions
Department for Work and Pensions
#olderworkers

5. Dr Ros Altmann
Business Champion for Older Workers
#olderworkers

6. OLDER WORKERS’ BUSINESS CHAMPION
Dr Ros Altmann
ILC-UK Event
Legal and General
Dr. Ros Altmann,CBE
14 July 2014
@rosaltmann

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 Longer, healthier lives leave retirement out of date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. SOMETHINGWENTWRONG

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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. THANKS FOR LISTENING…
 www.pensionsandsavings.com
 @rosaltmann
 www.rosaltmann.com

21. Q&A for the Minister
and Champion
#olderworkers

22. Mario Ambrosi
Head of Public Affairs
Anchor
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23. Kim Tidey
Activity Coordinator at Greenacres Care Home
Anchor
#olderworkers

24. Panel Discussion
Mark Beatson, Chief Executive, CIPD
Rachael Saunders, Acting Director Age
Intergenerational Workplaces, BitC
Alastair Clegg, CEO, PRIME
#olderworkers

25. Open Discussion
#olderworkers