Pure Retirement chief executive Paul Carter is preparing to step into the role of chair as the later life lender begins a planned leadership transition.

The move marks the next stage in Carter’s long career in the later life lending sector and signals a gradual pathway towards retirement while allowing him to continue providing strategic oversight as the business enters its next phase of development.

Carter (pictured) has played a significant role in the evolution of the equity release market, including helping to establish the equity release arm of Norwich Union, now Aviva.

During his time there he built the division to around 130 staff within a year before shifting focus to onboarding independent financial advisers as the firm moved to a direct-to-consumer approach.

He later worked within Prudential’s equity release business, where he helped increase the firm’s market share from 7% to 27% within a year. The role also brought him into contact with Andrew Thirkill, who later approached Carter in 2013 to establish and lead Pure Retirement.

BUILDING A LIFETIME MORTGAGE SPECIALIST

Since Carter took charge, Pure Retirement has grown into a significant lender in the lifetime mortgage sector. The business now has a loan book of £6bn of managed assets and supports around 80,000 customers.

The firm has also built a position as a major loan servicer in the market, managing several sizeable back books on behalf of other lenders.

Despite difficult market conditions in 2025, Pure Retirement reported improved performance compared with the previous year and increased its share of the market.

PURE’S NEXT CHAPTER

As part of the leadership transition, the lender’s chief operating officer Simon Hayton will take on the role of managing director from April.

The change forms part of a planned succession strategy aimed at ensuring continuity in the leadership of the business. Carter will remain involved as chair, focusing on strategic guidance and oversight.

At the same time, Andrew Thirkill will move from his current position as chair to become senior non-executive director, while also taking on a broader role as group chair.

CHANGE OF LEADERSHIP

Paul Carter said: “While I undoubtedly remain as passionate about Pure and the wider market as ever, the time is undoubtedly right for a change of role for me, and for a change of leadership for the business.

“I’ll transition to my new role able to look over the current state of Pure with my head held high, and with unbridled confidence in the leadership team that will continue to head up the company.

“In Simon, we’re lucky to have someone with a wealth of expertise in the operational side of the business, ensuring that advisers and clients alike will continue to benefit from market-leading service and a carefully considered end-to-end journey, with effective processes in place throughout.

“I’m excited for the next chapter for later life lending in general, and Pure specifically, and look forward to remaining on hand to sharing my insight to help both grow as needed.”

Thirkill said: “These changes reflect a planned evolution of our governance as Pure continues to scale and remain a renowned lifetime mortgage specialist in a sector that is meeting a real societal need for Britain’s over-55s and their families.

“I’m delighted that Paul will take on the Chair role and that Simon will lead the business day-to-day as Managing Director, and I will remain closely involved in a senior non-executive capacity, supporting the Board and leadership team.

“This ensures a continued broad and knowledgeable oversight at the forefront of Pure Retirement as we remain committed to delivering strong outcomes for customers and advisers.”