Increasing the retirement age is not a solution for advanced longevity, it has been claimed.

Speaking at the Pensions and Lifetime Savings Association's Annual Conference, Author of The 100-year Life, Lynda Gratton explained that society must "rewire" the way that we consider ageing and measure longevity.

Gratton noted that increasing the retirement age will not immediately cause older workers to remain in employment. She explained that "the obvious point is to increase the retirement age, but this won't solve the problem."

Instead, Gratton highlighted that the key issue is that many people have no choice but to retire early as they can't get a job. The author criticised the fact that many firms require staff to leave at the age of 55 or are unwilling to employ workers at this age or older. As a result of this, many individuals are unwillingly forced to retire early, without adequate savings.

Also speaking on the panel with Gratton, Nest chair Otto Thoresen highlighted that the "level of awareness of how much people are saving, and how much they currently have is still very low".

Although the "adequacy of saving is an enormous challenge ahead," Thoresen said, auto-enrolment and increased savings awareness is a "very important start".

In terms of assisting saver with a more flexible, rounded product, Thoresen also made reference to the recently proposed "sidecar savings product". The sidecar account would be accrued through a similar format to workplace pensions and would assist employees with saving for the long term and short term through two separate but integrated savings pots.

Discussing the product earlier this year, The Aspen Institute noted: "Such an innovation could help address families’ current inability to cope with financial shocks and volatility, as well as their over-reliance on withdrawals from retirement accounts to fund current consumption."

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