Andrea Rozario, Director General of SHIP – the trade body for equity release providers, comments on Steve Webb, Minister of State for Pensions, statements on longevity and retirement saving (http://www.dwp.gov.uk/newsroom/press-releases/2011/aug-2011/dwp096-11.shtml):

“We fully support the Pension Minister’s statement on changing retirement models and how young people today will need to save more for their retirement.  However, while they still have this option the more than 16 million over 55s* – who may also enjoy a longer than expected retirement – have significantly fewer choices.

“Therefore, we call on the Government to seriously consider the part that housing equity can play in retirement funding.   As an industry, we have been working to educate consumers but now is the time for a Government department to take ownership of this product range and ensure that consumers consider all their assets when they are planning for retirement.”