Equity release trade body appeals to new Government

Equity release trade body appeals to new Government

17 May 2010 / by Rachael Stiles

The equity release trade body SHIP has called upon the new coalition Government not to neglect the needs of millions of Brits now that they are in power.

By 2011, there will be in excess of 18 million people over the age of 55 living in the UK, and SHIP (Safe Home Income Plans) is urging the Conservative/Lib Dem coalition to keep their interests in mind.

While SHIP welcomes the fact that the formation of a coalition Government has brought an end to the uncertainty of the last few weeks, it is eager to see both parties implement existing policies which could "help to improve the standard of living for older people" and hopes that they will not fall by the wayside.

"We hope that these are prioritised along with the other vital changes that need to be made," said Andrea Rozario, director general of SHIP.

The specific policies in question include plans by the Conservatives to develop a more personalised health and social care service to give people greater control over their own care, and one outlined by the Liberal Democrats which would see the introduction of a citizen's pension which would be paid to all long-term British citizens at the level of Pension credit.

"We hope that these ideas will be enhanced and evolved rather than shelved in the policy reshuffle necessary to run a coalition Government," Ms Rozario said.

SHIP has suggested a plan which includes education, communication and co-operation, Ms Rozario continued. "There needs to be education to highlight the importance of saving, encouragement to ensure people speak to financial advisers when planning their retirement and co-operation between business and the Government to find a sustainable practical solution."

SHIP has also been calling on the Government to bring equity release in from the cold and advocate it as a potential tool for funding retirement.

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