More than a third (37%) of managers think the retirement age should be increased to reflect rising life expectancy.
According to a poll of executives by the Chartered Management Institute, almost half (49%) of managers over 55 support the reform, while 33% of younger managers supported it. The current state pension age is 66, set to rise to 67 by 2028.
Last month, the government launched a new Pensions Commission to look at why future retirees will have to survive on considerably lower savings than previous generations.
Managers identified a number of concerns with raising the retirement age, according to CMI.
More than half (51%) were wary of the physical strain of some jobs; 49% worried about reduced job prospects for older workers.
Two in five pointed to the financial strain staff would come under by delaying eligibility for the state pension, while four in 10 were concerned about the mental demands of certain occupations as employees age.
Ann Francke, chief executive of the CMI, said: “There’s a growing acceptance of the economic necessity of working longer – yet managers are rightly flagging that many organisations are not ready to give workers the support – and often the training – that they need to stay in the workforce well into their late 60s.
“This underscores the need for skilled leaders who can challenge hiring bias and for professionally trained managers who can build genuinely inclusive, multi-generational teams – and who recognise the value of experience in a fast-changing workplace.
“This includes astutely managing health or caring responsibilities that are the reality for many older workers, and investing in upskilling the entire workforce, regardless of age.
“A country that asks its citizens to work longer must be a country that values their experience and supports them throughout their working lives. Getting this right is essential to advancing productivity and future-proofing our economy.”
In April, research by the Pensions Policy Institute found that almost 9 million people in the UK are “significantly under-pensioned” compared to the broader population. Even with the addition of the state pension, these groups could risk financial insecurity when they retire, the PPI claimed.
Meanwhile, the government’s recently announced Pension Schemes Bill is aimed at making pensions easier to understand and manage for savers.
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