Today, Tuesday 14th September 2021, EV have released a new comprehensive white paper that highlights the need for an industry-wide change in attitudes towards retirement income. The white paper is the pre-cursor to two industry roundtable events in London on Wednesday 15th September and Edinburgh on Tuesday 5th October.
Recent research has highlighted that 70% of consumers need their pension savings to provide a long-term income but don’t have the available funds saved for their retirement.
Whilst the industry continues to tussle with consumer retirement outcomes in the wake of pension freedoms, this EV white paper begins to highlight some of the key ways in which the industry can take a fresh look at retirement. What is clear is that the drawdown market is not currently working well for either advised or non-adviser consumers. When the most important decision for most consumers revolves around the income to be taken from drawdown, the evidence is already indicating that many people are taking income at a level that is unsustainable.
Bruce Moss, EV Founder and Strategy Director explains, “The decisions that consumers make when accessing their pension savings are some of the most important decisions that they will make in their lifetimes. The consequences are profound and often irreversible, especially with regards to retirement drawdown. As such, we’re making the case for real change in the industry with the release of this white paper and our upcoming retirement drawdown roundtables. I’m thrilled that so many of our clients and partners have welcomed the challenge and we’re really looking forward to hearing the debate live.”
The retirement drawdown white paper is available to download now and covers an agenda that reaches across financial advisers, fund and asset managers, and pension providers.
“We’re not proposing the undertaking of major initiatives here, instead we’ve created a short list of simple and achievable steps that can be taken relatively easily”, adds Bruce.
Please click here to download the retirement drawdown white paper now and learn more about producing suitable and sustainable outcomes for consumers.