Member

Amendment 177 from the noble Baroness, Lady Noakes, aims to probe our intention for requiring trustees to provide a regular income. Currently, very few savers seek formal advice—less than 9%, based on latest evidence—or guidance on how to take their pension. Average withdrawal rates are high and over 50% of pots are taken as cash. Further, evidence suggests that people tend to underestimate their life expectancy. That leaves them at risk of running out of money in later life, with implications for them in meeting living costs and a systemic risk for the country.