IP term 'must extend in line with retirement age'

Andy Milburn, IFA market manager at Royal Liver, says the government’s intention to raise the state retirement age up to 68 by 2044, as announced in the pensions white paper last week, means providers will need to increase the expiry age of new and existing IP products to match the proposals. The basic state retirement age will rise to age 66 from 2024, age 67 from 2034 and age 68 from 2044 onwards. Milburn states: “Providers could consider offering an extension of the current term for existing customers who may be young enough to be affected by the changes, as well as offering an incre...