Age UK seeks better financial options for pensioners

According to Age UK, the financial services industry needs to put customers first if it is to fulfil the requirements of the Dilnot Commission on Funding Care and Support.

Gordon Morris, managing director of Age UK Enterprises, says: “The Dilnot Commission has provided a clear call to action. The financial services industry must do more to help consumers meet the challenge of funding their later life, including meeting long-term care costs.

“Providers must improve what is available and put the diverse and changing financial needs of those in later life at the heart of product development.”

Mr Morris adds: “Recognising that those in later life need more options available to them when it comes to releasing income in retirement, we recently launched an equity release product and annuities service.

“High-quality, customer-focused products such as these could provide a means of improving finances for some individuals.

“As an industry, now is the time to be focusing our efforts to deliver greater innovation and choice and help people financially prepare for later life.”