- Tuesday, 6 October 2009The number of people entering into
individual voluntary agreements (IVAs) could increase as a result of the time it takes for the default retirement age to be changed.
According to Pinsent Masons, even if the government decided to change the standard retirement age, the alterations would not happen "overnight".
As such, with life expectancy rising and the associated need to work longer not being met in time, people could find themselves short of money in their later years and coming to rely on an IVA in order to avoid bankruptcy.
Robin Ellison, a consultant on the pensions law team at the international law firm, said: "It's very hard for a government to change the retirement age overnight, no governments do that. So that's not particularly feasible."
The International Monetary Fund recently suggested that governments should reconsider the structure of their retirement systems.
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