Pensions experts have called for the government to help savers access their pensions tax-free to fund long-term care.
Hargreaves Lansdown head of pensions research Tom McPhail (pictured) and Defaqto non-executive chairman Patrick Gale said policy intervention was needed to allow people to move money freely from their pension pots to pay for their care needs in later life. Speaking at a panel discussion at Defaqto's launch of Looking forward to retirement: Guide for advisers, McPhail said "I'm interested [to see] how we can use the pensions industry and the skills that we have to help address people's long-term care needs. "I'd love to see withdrawals from pension pots to pay for long-term care made t...
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
