Firms encouraged to help employees work longer

Speaking at the Professional Pensions' Show 2009 (IFAonline's sister title), UBS senior economic adviser George Magnus said with the changing demographic, employers should work proactively to adapt to the changing interests of employees and educate them to accumulate savings and manage retirement plans. "The nature of the employer-employee relationship is changing and corporate paternalism is in a state of flux - companies are acknowledging it can no longer apply," he said. Magnus explained rising life expectancy coupled with the financial crisis make defined benefit (DB) schemes unte...