Castle Cover Support Age Discrimination Act
26th September 2006
According to research carried out by the over 50's Insurance Specialist Castle Cover, 70% of those surveyed had never heard of the government's soon to be launched Age Discrimination Legislation.
Of the 30% who had heard of the Act, 10% of women felt it would give them a better opportunity to work past retirement age if they wished to do so.
Andrew Marchington, Managing Director of Castle Cover says: "As a specialist insurer in the 50+ market we actively support older workers and applaud this Act. However, 76% of people we surveyed showed little regard or knowledge of the Age Discrimination Act. We believe the government have not taken adequate action to educate people on the true benefits of this Act in supporting older people in the work place.
"We believe that 50 is the new 40 and although people may be prepared to retire at 65, this generation of 50+ are a younger, fitter, more adventurous type than their predecessors, they are not looking to put their feet up. If the government is serious about keeping them in the workplace and having British Industry gain from their experience and expertise, they need to act now to deliver the benefits of this legislation. Employers also need to take an active role in supporting this education process."
According to the research 65% of people surveyed said they are prepared to retire at 65. The majority feel they have worked long enough.
Of the 35% who will not retire, the majority said they wanted to continue to work for the social element and for job satisfaction.
The highest percentage looking forward to retirement, to enjoy time with their family are divorced or single males.
Castle Cover strongly believe that people need to be more informed on the Age Discrimination Act and as well as fully informing their own employees, they have taken measures to ensure their policy holders can access fact sheets on the Act on their website at www.castlecover.co.uk.
Marchington continues: "By actively supplying our policy holders with the facts on the Age Discrimination Act, we hope to help assist with educating them on the benefits and to offer links to the appropriate government departments."
ENDS
For further information please contact:
Alison MacKintosh at MW Communications
Tel: 020 7727 76111
Mob: 07710097609
E: Alison@mackintoshwilliams.com
Andy Cole at Castle Cover
Tel: 01202 260800
Notes to Editor
Further information, including graphs, available on Market Research carried out by Castle Cover upon request.
Castle Cover launched on 31st July 2006 as a new entrant in the ever growing over
50's general insurance market.
Castle Cover is led by well-known industry expert, Andrew Marchington and is backed by HSBC Bank and Asset Ventures Ltd., part of the family investment vehicle that controls Primary Group, the Bermuda based insurance distributor.
The launch is supported by a 10m annual marketing budget and Marchington and his team plan to hit Gross Written Premium levels of over 100m and sign up over half a million customers within a five-year period.
Launching with a blue chip panel that includes AXA, RSA and L&G, Castle Cover believe they have a great advantage in neither being tied to one supplier nor owned by an Insurer.
Castle Cover do not believe that the over 50s have historically received a fair deal on price and are delighted that 71% of their customers have joined Castle Cover due to a better value offer with 17% saving up to 100 on policy price. 89% claim they have received excellent service and 98% would recommend Castle Cover to a friend.
Castle Cover is based in Poole, Dorset where over 400 jobs will be created within four years and will offer a UK based customer service.
