Retirement specialist Age Partnership has reported year-on-year business growth of 35%.

This compares to year-on-year growth of 18% in the equity release market overall. The firm says this has been largely driven by the increasing number of over 55s who are asset rich but cash poor, understanding that they have the option of releasing the equity tied-up in their property as a means of accessing tax-free funds.

The equity release specialist has now advised on 28% of all equity release sales completed across the UK in the first half of 2016.

Age Partnership is currently recruiting 30 new telephone and field based equity release advisers, which would see its employment figure rising to over 300.

The company is also expanding its pension income advice team as increasing numbers of people are seeking a recommendation on how to get the most from their pension savings due to dropping annuity rates.

Tim Loy, chief executive at Age Partnership, said: “Month on month we have been breaking our records for equity release completions. This hasn’t happened by chance, year-on-year we have invested 50% more in our marketing spend – using mass market channels to educate the public on the option of equity release. This marketing spend is set to grow further as we move into 2017.

“Coupled with this there has been further investment in our in-house training and development – financing our staff through more than 300 qualifications over the last 3 years at a cost in excess of £150,000. As an Investor in People accredited organisation we recognise that our colleagues are our biggest asset and therefore their development is central to our company strategy.”