The UK Equity Bank – Towards income security in old age
Jun 12, 2014 | REPORTS
A brief for ILC-UK on the role for an equity bank in providing secure income for retirement.
With shrinking pension pots and longer life expectancy, retirement incomes look set to come under increasing pressure unless alternative sources of income become available.
The UK Equity Bank would allow people to exchange a fixed proportion of the equity in their home for a lifetime income linked to inflation. Providing people with a secure income by unlocking the equity in housing assets could improve standards of living for the benefit of the people themselves, the local community and society as a whole.
This paper was launched at a breakfast meeting in the House of Lords on Thursday 12th June. Speakers included Professor Les Mayhew, co-author of the paper, Nick Kirwan of the ILC-UK and Paul Burstow MP, former Social Care Minister.