Pensions Overhaul: Problems Ahead?

Pensions Overhaul: Problems Ahead?

Pensions Overhaul: Problems Ahead?

There is a worry that the new auto-enrolment scheme for pensions, to be launched by the government in October 2012, will result in millions of workers being stuck in a pension that is either not the best option for them, or will lead to confusion as to what they will be entitled to once they hit retirement age. The scheme calls for employers to automatically enrol staff members onto a pension scheme.

Although this is a long way off for some, many may find themselves in a precarious situation once they retire.

However, if it comes to it and it turns out there isn't enough in the pot to live on in retirement; there is still hope for those who own their own homes.

Having paid into a property over the years and watched its value increase, retirement is a good time to cash in. As long as you're over 55,releasing equity from a property could be a viable option and one that could see you through day to day living in retirement and better, get you some of those luxuries you've been dreaming of like a round the world holiday, a new car, a lovely kitchen or bathroom or replacement windows.

Equity release could well be the answer to a lacking pension, which, if the warning signs are to be believed, could only get worse for future generations.

Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration.

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