The amount of money being paid into pension funds by UK workers has fallen, according to a new report.
This could inspire a number of people aged over 55 years to consider using the value of their home to boost their retirement finances through a lifetime mortgage.
According to new figures from the Office for National Statistics (ONS), £10.9 billion was contributed to the UK’s self-administered pension funds in the first three months of 2010.
This represented a £400 million drop on the same period in 2009.
“In the same period, payments to members and their dependants were £11.7 billion, remaining at the same level as the fourth quarter 2009 figure,” the ONS explained.
The report also showed that total investment into the funds during the first three months of the year was £20 billion lower than that invested in the final three months of 2009.
Homeowners aged over 55 years who are curious about how their property could provide them with a tax-free lump sum can find out with equity release advice from Key Retirement Solutions.
Posted by Richard Planner
