Government should consider easing capped drawdown limits to enable investors to use funds to pay for long-term nursing home care, a provider has suggested.
MetLife said the idea - which would see any money left over subject to 55% - was just one of a range of pension innovations the government should consider in its strategy for long-term care funding. There is about £490bn tied up in defined contribution pensions in the UK. It also suggested savers being allowed to access higher incomes levels than currently allowed under Government Actuary's Department (GAD) rules at the point where their medical conditions mean they have to go into residential care. The business also said deferred annuities held within pension plans would enable sa...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
