Bradford & Bingley raises retirement age

Bradford & Bingley has raised its normal retirement age to its final salary pension scheme as part of a raft of pension changes.

From the beginning of this month the building society increased the retirement age from 60 to 65. It has also introduced optional employee contributions. The firm decided it needed to make the changes to cope with tougher funding requirements of final salary pension schemes, pensions legislation and a reduction in investment returns.