“The role of bricks and mortar in later life is changing”, says the Chairman of the Equity Release Council, as hopes of housing wealth being included in the pensions dashboard improve!
At its second reading last Wednesday, The Pension Schemes Bill has been passed in the House of Commons after some debate between MPs.
The third reading in the House of Commons will be its last, offering final opportunities for MPs to suggest any amendments to the bill. It will then return to the House of Lords for final consideration.
The bill largely focusses on climate change, changes to The Pension Regulator’s powers, regulation around the pension dashboard, new-style collective defined contribution schemes, and changes to defined benefit scheme regulation. It proposes to grant the UK Pensions Regulator (tPR) a new range of enforcement powers, the key ones of which being proposed are:
The Pension Schemes Bill started in late January of this year in the House of Lords and was firmly welcomed by peers, with Lord Hutton of Furness stating the bill reinforces the “existing safeguards protecting DB pension schemes”.
This is what Chairman of the Equity Release Council, David Burrowes, had to say: “The UK has an ageing population who are living longer into retirement. Therefore a tool which enables people to better understand how to fund these years is increasingly necessary.
“Pension dashboards should include all accumulated assets, savings and investments together with pensions to allow people to have an holistic view of how to fund, and make more informed decisions, about their retirement.
“For example, housing wealth is often a home-owners largest asset exceeding the value of an average pension. 40p in every £1 of over-65-year olds’ wealth is being invested in property, while 51% of homeowners aged 45 years and over see their housing wealth as part of their later life financial plans, but property has not been included in current plans. The role of bricks and mortar in later life is changing.
“During the debate on the Pensions Scheme’s Bill, this view was reiterated by various peers who argued equity release is becoming an increasingly important part of retirement planning.
“Lord Young of Cookham and Lord Flight both advocated for the inclusion of housing wealth in the pensions dashboards to ensure they will be broad enough to be truly valuable to consumers.”
Connect with us
View by date
Tempt yourself with these delicious Autumnal Cake Recipes Baking and autumn seem to go hand in hand. Crisp morning walks crunching through freshly fallen leaves ending in sumptuous, sticky cake enjoyed with a well-earned mug of tea: bliss. Try out these two autumn cake recipes to find which one will become your regular. …Read more...
How to make a Rental Property feel like Home Getting on the property ladder can feel like something which is never going to happen. So, whilst you are busy saving your deposit and exploring your options, renting is great way to go. Whether you’re renting a room, flat or house, you can make it …Read more...
How to change-up your skincare routine for Autumn Autumn is the season of change. In autumn, you skin experiences some changes too and so your skin care routine needs to be adapted to reflect this. The cooler weather encourages outdoor activities which is great for our health but means your skin retains less moisture …Read more...
Reads you’ll be reaching for again and again The cooler weather drives us to snuggle up inside and what better companion that a good book? Here are some great ones to inspire you to head for the sofa, mug in hand and settle down… The Extraordinary Life of Sam Hell by Robert Dugoni …Read more...