The Pensions Regulator has stated that UK pension schemes have failed to deliver "significant improvement" in their record-keeping.
Problems within the UK’s pension system could inspire a number of people to take out an equity release scheme in order to ensure their retirements are financially secure.
The Pensions Regulator recently published new guidance on record-keeping following a consultation earlier this year.
Bill Galvin, acting chief executive of the organisation, said: "The feedback we received during the consultation has been very constructive and working with the industry has enhanced and clarified our approach.
"Whilst there are encouraging signs of progress, we are yet to see the significant improvements we expect. We will continue to monitor how the industry responds and will report again in 2011."
Equity release schemes, such as lifetime mortgages, can provide homeowners who are concerned about the pensions system with a tax-free cash payment taken from the value of their property.
Posted by Claire Ford
