This brief summarises a public debate exploring decumulation in the context of the economic downturn.

The debate was organised jointly by the ILC-UK and Actuarial Profession, and took place in London on the 13th October 2009. Almost 200 people attended including representatives of the financial services industry, the voluntary sector and Government.

The recent historical low in interest rates has highlighted the dependence that some retirees have on their savings. And for many pensioners in the UK, perhaps especially those with relatively modest savings held in bank or building society accounts, recent economic events have created uncertainty, and for some real financial difficulty. Not only have many seen their incomes fall to unexpectedly low levels but some have faced the fear of losing their money as banks around the world face difficulties or even collapse. In maintaining levels of income, some pensioners may now be eroding their capital.

These notes are based on the presentations of

Professor David Blake, Cass Business School
Tom Boardman, Prudential
Jane Vass, Age Concern and Help the Aged
Jackie Wells, Fellow, ILC-UK
Niki Cleal, PPI

ILC-UK are extremely grateful for their contributions to the debate. We are also grateful to others for their comments from the floor.

The representation of the presentations reflect the views of ILC-UK and not necessarily the views of any individual speaker.

This brief, and the event it summarises, were made possible by the support of Age Concern and Help the Aged.