LV= highlights how people may use equity to supplement pension calculator

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LV= highlights how people may use equity to supplement pension calculator

Fri 1st Oct 2010

A significant number of consumers are considering supplementing their pension savings with equity from their home, according to a representative from LV=.

Head of equity release at the firm Vanessa Owen described it as "increasingly commonplace" for people to consider this type of transaction.

However, she urged homeowners to speak to an expert before they go through with equity release, as there are many issues to consider before trading down to a smaller property in order to increase income.

"We can't fail to ignore the impact the last few years have had on the personal wealth and pension pots of the over-50s," Ms Owen remarked.

Research by LV= shows that parents believe their children would be sensible to follow their lead and invest in property as a long-term savings method.

Last month, the organisation called for a wider review of the obligation for people to annuitise by the time they are 75 years old.

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