Retirees to be told life expectancy as part of Budget 'guidance'

Retirees receiving financial 'guidance' via the government's 'right-to-advice' promise outlined at Budget 2014 will also be told how long they are likely to live to help inform their decision about what to do with their retirement savings, Steve Webb has reportedly said.

Those approaching retirement have little idea about their life expectancy, Webb said in quotes reported in the Telegraph. According to the paper, Webb said the guidance would be given face-to-face by savings 'advisers' to those who request it. As announced at Budget 2014, all retirees with a defined contribution pension will have the option of receiving "free, impartial, face-to-face advice" on their options, though the government has since clarified it referred to unregulated 'guidance'. Retirees may want extra direction after the Chancellor, George Osborne, gave savers unpreceden...