NI farmers not the retiring type

Research from the University of Exeter in collaboration with NFU Mutual found farmers in the Province are more likely to continue working in later life, compared to their counterparts in England and Scotland.

The statistics show that just 13.6% of farmers in Northern Ireland expect to fully retire, compared to 18.9% in England and 25% in Scotland.

Although 62.6% of farmers in Northern Ireland expect to semi-retire, 23.1% expect to never retire and this is higher than England and Scotland.

As a result of this, farmers in Northern Ireland are less likely to have discussed retirement plans with their family.

However, they are more likely to have spoken to a solicitor and were more likely to have identified a potential successor to their farm, with more than half saying they had.

The study found Northern Irish farmers are also less likely to have a will compared to Scottish and English farmers.

Nearly 700 farms across England, Scotland and Northern Ireland took part in the extensive university research, and the findings highlighted the unique approach farmers take to retirement.

In Northern Ireland, farmers were more likely to be in partnership with one or more of their children and less likely to move residence in later life.

They were less likely to have made plans for financing their retirement, and more likely to ‘continue the same jobs but less intensely’.

Sean McCann, chartered financial planner at NFU Mutual, said: “Handing on the farm doesn’t have to mean giving away the ownership of all the assets on day one.

“It can be helpful to think about the management of the business and ownership of the farm as separate issues. Handing over more of the day-to-day management of the business while retaining the ownership of the assets to a later date.

“One option favoured by many farming families is to set up a partnership – which can give the younger generation a stake in the business. According to the research, this is an option Northern Irish farmers utilise more than their counterparts in England and Scotland.”

Professor Matt Lobley, from the University of Exeter, said: “Farming is a way of life, and it’s an identity.

“Facing up to the reality of stepping back and being no longer in charge tends to put people off.

“It’s all a bit daunting; thinking about handing over management of the business – it reminds people they’re getting old.

“There is much greater awareness of succession as an issue facing UK agriculture than there was 10 to 15 years ago, but there is still a very pronounced need to move beyond the awareness stage to actually encourage planning. That struck me as something the industry desperately needs to address.”