This is the view of an all party parliamentary group, which has voiced its support for equity release as a way of providing pensioners with vital retirement funds.

Such schemes can provide homeowners with a welcome financial boost, which can add to their pension income, with cash taken from the value of their property assets.

Commenting on the MPs’ support for the market, Andrea Rozario, director general of SHIP, the equity release trade body, said: "It is gratifying to see housing equity taking its place in the mainstream retirement funding canon.

"Last night’s all party parliamentary group produced some excellent debate, recognising the financial challenges that Britain’s older generations face.

"Of course, developments must be made and challenges lie ahead for providers, distributors, government and consumers alike – but the debate produced by this group is the first vital step in bringing equity release much closer to the heart of government thinking."

The advice comes from retirement specialist MGM Advantage, which said too many people just accept the first annuity they are offered.

Aston Goodey, the firm’s director of sales and marketing explained: "Once you have converted your pension pot into an annuity there is no going back, which makes this one of life’s biggest financial decisions.

"Anyone on the verge of retirement needs to consider their options very carefully to ensure they maximise their retirement income pot and should therefore seek professional advice."

Those who are concerened that they have rushed into an annuity deal could look at additional retirement funding options in order to boost their finances.

Schemes such as equity release can provide those who have invested in property with access to some of the cash tied up in their assets.

The figures, which were published by the Pension Protection Fund (PPF), come despite a monthly improvement.

PPF calculated the deficit by taking total liabilities from the total assets of 7,400 defined benefit pension schemes in the UK.

Concerns about the deficit could lead a number of people to explore additional options when it comes to retirement funding.

Schemes such as equity release can provide homeowners with a welcome cash injection with money taken from the value of their property assets.
The PPF report also revealed that the total UK deficit of all pension schemes now stands at £218 billion.

By way of comparison, the total surplus amount of schemes with more assets than liabilities for February 2010 stood at only £64.4 billion.

The report explained: "Over the past year, rising equity markets have led to an increase in scheme assets of 20.4 per cent. Over the same period, changes in bond yields would have resulted in a 2.2 per cent rise in liabilities.

"However, the change in actuarial assumptions in October reduced estimated liabilities by approximately eight per cent or £70 billion."

The Pension Protection Fund (PPF) has issued new guidance explaining the course of action that is open to trustees under section 161 and Schedule 6 of the Pensions Act 2004.

In the new guide, the PPF has proposed "standard wording" to be used for ISDA contracts between counterparties and pension scheme trustees.

Many trustees may be alarmed by the need for the PPF to issue such guidance.

The move could encourage a number of people to take out an additional retirement funding plan such as equity release to ensure a comfortable standard of living in later life.

Such schemes allow homeowners to access funds that may be tied up in their property assets.

A response to the organisation’s latest consultation and further guidance has been published for trustees to access on the PPF’s website.

Confused.com has voiced concerns that price cuts that are planned to come into effect on March 31st are "too little too late".

Gareth Kloet, head of energy at Confused.com, said: "Although it’s great to see this price reduction from E.ON and this makes them the most competitive of the ‘Big Six’ for gas prices, it’s disappointing that these prices will not apply immediately, while customers still need to crank up their heating during the cold weather.

"And cutting the price of gas only, is addressing only half the problem of high energy bills."

High energy prices are a particular concern for the country’s older population as they tend to dedicate a larger proportion of their income to heating.

This could lead those who own a property to consider an equity release scheme as a way to deal with the demands of heating their home.

Figures from a new report from the National Association of Pension funds (NAPF) have revealed that 27 per cent of respondents would be more likely to save in a pension if they were sure they would not lose money.

The study also revealed that more than one-third feel saving in a pension will not leave them with enough money for their retirement.

A number of workers could now be encouraged to look into schemes such as equity release to boost their retirement funds.

Equity release schemes can allow homeowners to draw cash from the value of their property assets.

Nigel Peaple, NAPF director of policy, said: "People want their pension to provide them with certainty; in particular they want to be sure they won’t lose money."

The organisation is to discuss this issue at its Investment Conference later this week.

Figures from Confused.com have revealed that First Utility’s new iSave V3 tariff offers customers an average bill of £889, £10 cheaper than British Gas’s best offer.

Gareth Kloet, head of utilities at Confused.com said the new deal was evidence that a price war is beginning to erupt between the country’s major energy providers.

However, the expert warned that many of the best buy deals are only available online and standard tariffs have only reduced marginally in the last 12 months.

The cost of household energy can be a major worry for the country’s older people as they tend to set aside a larger proportion of their income for heating.

Those who own their home could receive a welcome cash boost to meet the demands of energy bills with funds taken from the value of their property though a scheme such as equity release.

Of those who do feel they will see their pay increased, more than nine million believe the rise will be lower than the current rate of inflation.

Ann Robinson, director of consumer policy at uSwitch.com, said: "This will do nothing to improve consumer confidence – a key factor if the economy is to claw its way out of recession.

"Consumers have little scope for reducing their own budget deficits unless they work harder to strip down their essential bills to the bare minimum, rather than continue to plug the hole by borrowing."

Concerns about low pay and rising inflation could lead a number of people to seek out new ways of increasing their income.

Those who have invested in a property could realise the potential of their assets with a financial scheme such as equity release.

New figures released by the financial firm have revealed that 48 per cent of the country’s over 50s have already subscribed to the new limit.

Barbara-Ann King, head of investments at Barclays Stockbrokers, said: "It is encouraging that all investors are continuing to shelter their savings in ISAs and in particular that the over 50s have actively taken advantage of their increased tax-free allowance.

"With returns on cash savings rates remaining at an all-time low, investors are going to have to continue to work hard to get returns and the trend towards investing in Stocks & Shares ISAs is likely to increase still further as we move into the next tax year."

While funds from equity release schemes should not be placed into a savings account, the policies can also provide homeowners with a way to boost their income.

Such schemes can allow those who have concerns about the state of the country’s savings market to realise some of the potential of money they have already invested in a property.

This is the view of the National Association of Pension Funds (NAPF), which has outlined a simple three-point plan for the government to avoid such problems.

The organisation is calling on the government to "stop, look and listen".

Nigel Peaple, NAPF director of policy, said: "The government should stop its plans to introduce an entirely new approach to pensions taxation for high earners, look carefully at our evidence of the threat posed to other pension savers, and listen to our proposals for an alternative approach.

"The NAPF aims to encourage good workplace pensions for all. Our alternative to the Government’s proposals will help achieve this goal."

A number of people concerned about the proposed changes could now seek out additional funding plans to ensure a comfortable retirement.

Schemes such as equity release can provide those who have invested in property with an additional income taken from the value of their home.