Equity release to replace pensions, suggests LV= survey

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Equity release to replace pensions, suggests LV= survey

The pensions shortfall will be met through equity release in the coming years, according to almost all independent financial advisors (IPAs) surveyed by LV=.

Known as a reverse pension in the US, the financial tool is viewed as being a huge growth market by 98 per cent of IPAs questioned at the LV= equity roadshow in May this year.

The research released today (August 11th) also illustrated that nearly three-quarters (71 per cent) believed that equity release products should be handled by specialists in the industry as any simplified sales process would present risks for the customer.

"Equity release has a strong role to play in helping to solve problems such as the funding of long-term care and a lack of pensions provision in retirement," commented Vanessa Owen, LV='s head of equity release.

She added that "more people" will want and need to access the equity on property as it is often their greatest asset.

The findings follow a report published last week (August 1st) by the Workplace Retirement Income Commission, which claimed that people, particularly those employed in the private sector, simply did not have enough in pension policies and personal savings to prepare for retirement.

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