Retirement and Pensions
The default retirement age was relaxed in the UK in 2011. This means that in theory, staff can continue to work as long as they like unless the employer can objectively justify enforcing an earlier retirement age.
Pensions remain a hot topic in the UK, with changes to schemes regularly in the news.
In 2010, the AA made proposals to make changes to the company pension scheme which, had they gone through, would have resulted in a detrimental effect on your benefits. The IDU launched a robust campaign on behalf of members. As a result of our challenge, pension scheme benefits were preserved. This was an immense achievement on behalf of members.
Across the UK, many companies have made use of the recession to drive through changes to pension schemes to the detriment of members’ benefits. Through our interventions on your behalf, we stopped this in the AA.
If you are thinking of retiring, whether that’s retiring before you are entitled to a full pension via the AA Pension Scheme or whether you’re in the lucky position of having accrued full pension benefits, you can talk to the IDU before you make your decision.
As with all trade unions, we cannot give you financial advice about your pension. This is regulated by UK law and must be given by an independent financial advisor. But we can give you information and explain the facts about the AA Pension Scheme.
We can also advise you whether any of the special provisions for early retirement in the AA apply to you.
We will happily point you in the direction of an independent financial advisor if you wish.
We’ll give you timely, accurate information to inform your decisions.
Assistance is provided to all AA staff that are IDU members. If you’re not a member – Join Here