I would like to add something to this debate if I may.
I think one should be able to retire at age of 65 if one meets all the standards (medical, flying abilities, etc).
It is discrimination to force someone out of a job at 60 years old.
As for the younger pilots saying it is greed to stay on and not allow them to move up the ladder, I say... In due time! Yes it will take some of them a bit longer to get onto the equipment they really want to fly. Yes it will take a bit longer to perhaps hold the left seat. Yes it will take them a bit longer before they retire (if they choose to do so). But in the end if they do retire at age 65, they will have also contributed an extra 5 years to the pension fund.
Lastly, this week the Quebec government (and I'm sure others will follow) in a new budget said they would start penalizing people who retire before the age of 65 and that is reason enough to allow pilots to fly until 65.
Excerpt from the budget...
"Something also had to be done about pensions, given the impending avalanche of babyboomer retirees and the fact that at current contribution rates the provincial pension plan was facing bankruptcy by 2040. The budget's imposition of a 0.15-per-cent annual contribution increase for the six coming years is hardly crippling, amounting to just short of $170 a year by the time the hike is fully implemented for people earning $40,000 a year.
Also commendable is the measure to discourage early retirement by penalizing those who opt to retire before age 65 and rewarding those who work longer. The early-retirement penalty will be raised to 0.6 per cent monthly from 0.5 per cent, and the bonus for those who keep working until age 70 is raised from 0.5 per cent to 0.7 per cent. And starting next year, workers over 65 can get a tax credit of up to $1,504 a year."