Lang Cat calls on whole industry to normalise drawdown plans

Abstract

In a new report published alongside Royal London and Responsible Life, The Lang Cat calls on the whole industry, the government, the Financial Conduct Authority and the advice community to play a role in further improving equity release standards to help deliver a solution to this problem through the normalisation of drawdown plans. The report states that currently, the median pensioner incomes don't reach the 'moderate' standard of living defined by the Pensions and Lifetime Savings Association. Using this benchmark, the report highlights that pensioners already suffer a retirement income deficit of over £48bn a year.