The UK’s pension deficit increased to more than £20 billion last month, new figures have revealed.
This could encourage a number of people aged over 55 years to use an equity release calculator to see how the value of their home could boost their retirement funds.
Recently-released data from the Pension Protection Fund showed that the aggregate balance of all 6,653 schemes in its index had a deficit of £21.8 billion at the end of June.
This represented an increase on the £11.7 billion figure recorded when total liabilities were taken from total assets at the end of the previous month.
The report revealed that while total assets were £901.5 billion, the schemes’ cumulative liabilities stood at £923.3 billion.
In total 4,420 schemes were in deficit, while just 2,223 reported a surplus.
Homeowners aged over 55 years who are concerned about the state of the UK’s pensions can find out how the value of their home could provide them with a tax-free cash lump sum by contacting Key Retirement Solutions for equity release advice.
Posted by Claire Ford
