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Welcome to our News page which is updated regularly to bring you the latest developments and guidance on equity release and financial advice in retirement. If you would like to be kept fully up to date with our latest news, please subscribe to our feed.
All information is correct at the time of publishing; as financial products are subject to change on a regular basis and often without notice, we recommend seeking up to date advice before taking any action. We cannot be held responsible for any action taken based on the information published on these pages.
Jan 27
By Nigel Hare-Scott
According to statistics published by the Pensions Corporation, the annual inflation rate for pensioners is running at 7.9% for single people and at 7.7% for couples.
The impact on the retirement incomes will potentially be devastating because those who have taken out level annuities could see their real income halve in less than ten years.
Jan 12
By Nigel Hare-Scott
AVIVA have announced that they will exit from being a Provider of Home Reversion Plans next month.
The Home Reversion share of the equity release market has fallen steadily over recent years and now stands at only 2% according to statistics published by Safe Home Income Plans (“SHIP”), the organisation established to safeguard the interest of consumers entering into equity release plans.
The impact of the withdrawal on competitiveness within the equity release sector will be limited because the AVIVA Home Reversion Plan has been funded via Grainger plc’ the owner of leading Home Reversion provider Bridgwater Equity Release.
AVIVA has reassured participants in the equity release market that the Company remains totally committed to equity release and will now focus on its range of Lifetime Mortgage Plans which are funded from its own internal resources.
After the withdrawal by AVIVA, there will still be plenty of choice available for consumers for whom a Home Reversion Plan is the most suitable option for releasing cash from the home.
Jan 12
By Nigel Hare-Scott
The Office of National Statistics has begun to monitor happiness with an index. Its initial findings reveal that life satisfaction is high for the older age groups, although after state pension age, unsurprisingly people apparently tend to lose some purpose in their lives when they are living more at home.
With much lower projected incomes for retired homeowners and the widely publicised likelihood of a pension crisis imminent, it will be surprising if the index remains at such a high level for long unless additional financial support for pensioners can be found.
Many people in retirement will already be maintaining their lifestyles through depleting their savings. Without a savings cushion, it is already becoming a struggle for them to manage on their incomes. Indeed, AVIVA, one of the many equity release providers, has recently predicted that the over 55s are significantly poorer than they were a year ago.
Liverpool Victoria (LV=), a leading equity release provider, has reported that over 6 million people in their 50s will work beyond state pension age because they no longer expect to be able to live on their pension incomes. Many are already discovering that the amount they can draw from their Personal Pension Plans is much less following recent changes to the pension rules and ever decreasing annuity rates.
Fortunately there is an alternative solution available. Equity release plans can now be structured in a manner which enables retired homeowners to supplement their incomes to meet routine monthly expenditures and to pay for the one off items.
With a cost which is fixed for life, a modern lifetime mortgage and home reversion plan offers both certainty and security for those at or in retirement.
In order to learn more about the equity release schemes available for releasing cash from their homes and to provide an equity release comparison,, the equity release calculator from Bower Retirement Services enables retired homeowners to find out whether a lifetime mortgage or home reversion plan might be appropriate for them.
In this way, equity release plans can maintain life satisfaction for the elderly at a high level… and boost Happiness & Well-being!
Dec 19
By Nigel Hare-Scott
Equity release products are at last widely acknowledged as being complementary rather than as risky distractions to the role which annuities traditionally play in the retirement market. (more…)
Dec 16
By Nigel Hare-Scott
Bower Retirement Services is fully supportive of the announcement from Safe Home Income Plans (“SHIP”) that, following an extensive engagement process, the membership criteria will most likely be extended early next year to include financial advisers, solicitors and valuers. (more…)
Dec 02
By Nigel Hare-Scott
Bower Retirement Services shine at Equity Release Awards 2011
The equity release experts take home a hat-trick of awards
December 1 2011 – Bower Retirement Services proved that they are still top of the equity release game by scoping three prizes at the annual Equity Release Awards 2011 on Wednesday night. (more…)