Finance Minister Paula Cox has given more details about plans to lift the retirement age, as Government confirmed it was carefully considering the move.

She said 65-year-olds still able to make a valuable contribution in the workplace and who wanted to continue for a ?year or two longer?, may be able to carry on working into their ?golden years?.

Ms Cox told the House of Assembly: ?Our senior population is a repository of skills, knowledge and experience and as a Government we would be foolish to ignore the willingness of some to contribute more to their community in their golden years.?

Ms Cox said the British Government had recently said it would consider raising the future retirement barrier as high as 69, in a bid to avert a pension timebomb.

Population trends show people are living longer and having fewer children. And she said that for many industrialised countries, including Bermuda, a shrinking workforce and greater number of seniors meant action had to be taken to head off a long-term state pension problem.

But the Finance Minister stressed any increase in the retirement age on the Island would be voluntary ? and there was no plan to extend it on a mandatory basis, so people looking forward to quitting work at 65 would not be denied that ?well-earned right?.

She continued: ?In the light of the worldwide trend towards a shrinking number of people between the ages of 20-65 in the workforce, with an eye on the future, this Government is prepared to consider proposals to facilitate extending the retirement age on a voluntary basis for those who are willing and able to work.

?This recognises that there are individuals who at the age of 65 are healthy and wish to work in their chosen fields, particularly those who are in some sedentary professions that require only an alert and active mind.?

Ms Cox the number of workers in the 20-64 age group was expected to fall from nearly 40,000 to about 32,000 in the next 40 years.

?If Bermuda?s economy remains as buoyant as it is today, we would have to make up the shortfall of 8,000 from outside of Bermuda, which would only put more pressure on housing. It is more prudent and in the interests of Bermuda to give the option first to our seniors to remain in the workforce if they choose to do so.?

She stressed that unions and employers would be consulted in the cross-Ministry initiative. After a financial review of Bermuda?s pension situation, Government confirmed earlier this month that employee pension payments were set to rise in a bid to ease the strain on the Contributory Pension Fund.