The pensions system in the UK is in need of change as it currently ‘lays in ruins’, according to one expert.
This could mean a number of people aged over 55 years consult an equity release guide in order to see how the value of their home could boost their retirement funds.
Dan Hyde, a pensions writer for Thisismoney.co.uk, said the UK’s pension problems can be attributed to the complex nature of the system.
“Criticised for being over-complicated and unrewarding, pensions have been rejected by millions of Britons, despite huge swathes of us facing terrifying gaps in our retirement savings,” he said.
“Less than 40 per cent of the working-age population has any pension whatsoever, thanks in no small part to an overly complex system that’s constantly changing.”
The comments could inspire a number of homeowners aged over 55 years to use Key Retirement Solutions‘ equity release calculator to see how the value of their property could provide them with a tax-free cash injection for their retirement.
Posted by David Hancock
