Part of the challenge of an ageing population will be in ensuring that public services, markets and products remain reflective of the needs of older people. We believe significant changes to the at-retirement market are required to ensure that every generation is able to get the most out of their retirement savings.

Our recommendations are:

The introduction of product standards for at-retirement products to give savers the reassurance that their decumulation product has been independently assessed and is of good quality;

Allowing trustees and providers to signpost their members to these quality-assured products to help smooth the journey from accumulation to decumulation and avoid consumer detriment.

We believe these solutions would preserve the spirit of pension freedoms while also connecting people directly to the income in retirement they say they want and reducing the chances of them making irreversible, life-changing mistakes.