LLA: Pension Wise should bring up housing wealth

Ryan Bembridge

October 24, 2017

Pension Wise should talk about housing wealth when looking at how people fund their retirement, the Later Life Academy has recommended to the government.

Taking out equity release or using a residential mortgage to release equity are some options for older homeowners.

The LLA was responding to the Work & Pensions Committee at the House of Commons on whether pension freedom and choice reforms have achieved their objectives or need changing.

Bob Champion, chairman of the Later Life Academy, said: “In terms of advice, individuals have a lot more to consider than their pension options when deciding how to finance their retirement.

“Unfortunately, there are only a restricted number of advisers who can help individuals plan – taking account of their holistic wealth, including their home, or impacts on means-tested benefits.

“We therefore need to address the provision of advice, and the number of advisers, in this area if we are going to have a fully-rounded retirement income advice offering which can service a far greater number of clients.

“This is clearly outside the remit of Pension Wise but needs to be considered if we want to have individuals making far better choices about their retirement and how they fund it.”

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