Irish executives expect to work longer than they previously believed, according to a new survey by executive search company MERC Partners. The survey also finds that most executives accept that advancing age is a limiting factor on their appetite to discharge highly stressful and demanding posts.
The survey of 200 senior Irish business people also found that a majority favour a move to a less demanding position for executives reaching the 60 years mark, making room for younger candidates to take on their more onerous responsibilities.
The survey found that 72% of respondents would be willing to move to a less physically demanding/lower status post on reaching the age of 65, while the preferred age of retirement rises with the age of the respondent.
It says that in 1990 just 1% believed they would continue working past the age of 65. By 2004, that figure had risen to 11%.
The survey also found that organisations tend to recruit relatively young CEOs, with the majority of such posts (69%) filled by candidates below the age of 50.
David Kingston, Chairman of Acuvest Investment Advisors, says that existing pension schemes are too inflexible and expensive for the challenges posed by lengthening life spans. He says a new system is needed in which pension entitlements are gradually introduced over a 15 year period, during which time the recipient continues to work in a reduced responsibility and/or part time capacity.
Combined with changes in the state pension, he says this would create a new pensions regime that is affordable and sustainable, and which takes account of increasing life expectancy.
