MIp22-24_0909.qxd 23/9/09 17:16 Page 4 MIp29-31_0709.qxd 9/7/09 07:40 Page 6
22
Equity release news
Political parties should get
serious about retirement
Just Retirement has called on the social care, which have been made according to Just Retirement. clearly understood by the
main UK political parties to show by the Department for Work and The introduction of initiatives, majority of people, commands
clearer leadership on policies Pensions, the Department for such as auto enrolment and wide confidence, and, therefore,
regarding pensions, retirement and Health and the Department for Personal Accounts are welcome. It is clearly encourages people to save
social care. It has specifically called Communities and Local surprising, however, that none of
on the Government to consider the Government. It is important that the major political parties have circle6
for retirement
Active support for the necessary
appointment of a Cabinet level these policy measures are made stated publicly which initiatives level of education and
Minister to be exclusively within a clear defined over- they would undertake to improve engagement among those
responsible for all aspects of arching strategy for ageing and the situation of those who are enrolled in private schemes to
retirement, in order to face the retirement - and this requires coming into retirement and how ensure they obtain the best
many challenges of our ageing clear leadership. understanding of the various possible income in retirement
society. The past few years have seen options available to them could be and fully understand the choices
The company believes that with enormous changes in the pensions increased. This is particularly
people living longer than ever landscape, yet much of the current striking given the current economic circle6
available to them in a timely way
Active encouragement of private
before, the impact of the UK's debate from the three main political conditions. saving for retirement, inside or
ageing society will be considerable. parties is narrow in focus and is Just Retirement calls on all major outside of pensions, with
It is, therefore, crucial to have clear largely dominated by issues UK political parties to consider the regulation that presupposes
policies which educate people about concerning the future of Defined following when constructing their
the need to plan early and widely Benefit (DB) schemes, whether in manifestos for the forthcoming circle6
saving is right
Encouragement of the widest use
for their retirement. At present, the public or private sector, or on Ge of assets to maximize security in
many of these policies are split the levels of state pensions. There circle6
neral Election:
A Cabinet level Minister to have
across various departments. appears to be less focus on the dedicated cross cutting circle6
retirement
Facilitating flexible retirement to
Recently, for example, the millions of people who are saving responsibility for all aspects of enable those who wish to
Government issued two policy for their pensions through Defined contribute to the economy for
announcements on retirement and Contribution (DC) schemes, circle6
retirement
A state pension system that is the longest time
Children involved in SHIP comments on
equity release launch of the PPI Paper
Most retirees involve their being considered by their
children in the decision to release parents. Knowing that such a Andrea Rozario, director general barriers to growth as well as the
equity from their home, high percentage are involved also of SHIP - the UK's trade body potential solutions that use of
according to Key Retirement further reflects how supportive for equity release product housing equity can offer to the
Solutions. children are in wanting their providers – has commented on UK’s pensions crisis which is -
The research, based on 1,761 parents to have a financially the launch of the Pensions Policy arguably - already upon us. We
customers who have released secure retirement. The fact that Institute (PPI) Paper - applaud this stance and feel that
equity from their homes during so many involve the children will Retirement Income and Assets: it complements the discussion
2009 with Key, shows that the also ensure that there are no How can housing support paper that we released at the end
vast majority of those with surprises in the future when retirement?. of July – ‘Facing the Future,
family involve them in the estates are being settled. She said: "SHIP has long Redefining Equity Release to
decision process. Of those with “Ensuring that children or championed the use of housing meet today's social and economic
children, 90 per cent have other relatives are able to attend equity to fund retirement needs challenges’.
discussed their plans with them appointments throughout the and we are therefore delighted "67 per cent of people would
prior to proceeding with an advice process we believe is of that the PPI has chosen to take rather enjoy life than worry
equity release scheme through paramount importance and these an in-depth look at this sector. about leaving an inheritance.
Key. latest findings show, with 1 in 6 Currently, pensioners can access Therefore, we hope that the
Dean Mirfin, Key Retirement having someone else present, that £251 billion worth of housing launch of these papers serves to
Solutions group director, said: “It those who want the family to wealth and this is set to grow to highlight the need for
is good to see the high level of play an integral part in this £359 billon by 2030, so proper Government, industry and
involvement of the family in the important decision are able to do consideration of this market and consumer groups to work
decision making process as they so. This is one of the greatest its potential must be a priority together to develop a workable
can prove to be a good sounding benefits of providing face to face for all stakeholders. proactive stance on housing
board when equity release is advice.” "The PPI clearly sets out the equity."
October 2009 Mortgage Introducer www.mortgageintroducer.com
Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44