LONDON, Aug. 6 (UPI) -- The National Association of Pension Funds in Britain warned a change in the retirement age before 2016 would not leave workers time to adjust.
The NAPF, near the end of a six-week period of accepting public feedback on proposals to bump the retirement age for men from 65 to 66, said a change within six years was "simply not long enough" for retirement planning.
For women, the proposal includes bumping the retirement age to 65 by 2020 and to 66 by 2026, which would put both genders on equal footing.
Workers planning to retire by 2016 need more time to change their financial strategies, the group said.
The Daily Telegraph said the association includes 15 million members and involves 1,200 different pension funds.
"Retirement ages do need to go up, but the government is being too hasty," said Joanne Segars, the association's chief executive officer.
"Many people now in their mid to late-50s have made quite detailed retirement plans, and they will be unable to recalibrate their savings to cover the state pension they will lose. And those in their 50s who have already retired will have a shortfall in income for that lost year," she said.
The fundamental shift prompting a rise in the retirement age is increased life expectancy, the newspaper said.