Following the proposals for a pensions commission, Royal London has called for its overview to be expanded to cover all aspects of retirement and long-term care planning.
Phil Loney, Royal London Group CEO, said: "We are aware that others have been calling for a pension commission for similar reasons but we believe it's essential that all the issues impacting the financing of later life are considered together, not just pensions.
Only then can a coherent, sustainable strategy be developed which policymakers and industry can deliver together and that will enable the British public to save with confidence for their long term futures."
As more people save in work place pensions following auto enrolment, the amount of costs of retirement are increasing as longevity increases and more people develop long term conditions such as Alzheimers.
Loney said : "Increasingly the ageing population will need long term or residential care. We have yet to crack the problem of how this care is funded. With increasing age people become vulnerable and cannot take their own financial decisions safely.
"The number of people suffering from Alzheimer's is set to increase from 850,000 today to 2 million by 2051. Regulators are alert to the issue of vulnerable consumers but so far with little action. The Commission we are calling for could look at these issues perhaps recommending that whenever someone makes a Will they must not only appoint Executors but also appoint someone with Power of Attorney over their affairs in the case of mental incapacity.
"The only way we can resolve issues such as advice and long-term care is to consider them away from day to day politics. These issues are long term and many of the required solutions may be considered politically unpopular.
