The Equity Release Council has launched an Industry Government Forum, bringing together policy, industry and government experts to explore how equity release can best serve the needs of the ageing UK population.
The new forum calls on representatives from HM Treasury (HMT), the Department for Communities and Local Government (DCLG), Department of Health (DH) and the Department for Work and Pensions (DWP). Regular meetings will bring together various public policy aspects under one roof and promote greater joined-up thinking with regard to equity release.
The Council claimed the growth in equity release is creating new opportunities for closer co-ordination between industry and government departments, aimed at improving public awareness and understanding of the potential uses for housing wealth to meet financial needs in later life.
The latest session focused on the cost of living for people over the age of 55. The Council’s own research formed the background to the discussions, and shows significant numbers of older people are struggling with rising living costs: almost one in five over-55s used their savings to cover basic expenses in 2013 and one in three over-55 homeowners are worried about clearing debts.
The Council intends to monitor government-provided information and promote greater co-ordination between departments through future forum events.
Nigel Waterson, chairman of the Equity Release Council, said: “Taking up the challenge of the ‘Ready for Ageing Society’ we are pleased to be bringing together key departments to discuss the policy challenges of supporting the UK’s ageing population beyond the age of 55. As increasing numbers of people find their pensions and personal savings can no longer safely cover everyday living costs, equity release can provide a valuable alternative and should be considered as part of intelligent retirement planning.
“Industry can play an important role by helping to inform cohesive policies when it comes to the future of equity release and it is this that we are seeking to encourage. As the equity release market continues to grow, we must overcome the lingering policy and knowledge vacuum in order to better meet older people’s needs.
“Our Industry Government Forum will provide the perfect environment to start addressing this and we are very appreciative of civil servants’ involvement. We hope future events will highlight the great potential of equity release to help people to help themselves.”
