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Key Retirement Solutions: Equity release can bridge pensions gap
12 September 2008 10:30
Key Retirement Solutions has welcomed Labour MP David Blunkett's support for equity release, asserting that this option can play a major part in Britons' retirement provisions.
Mr Blunkett, who had a spell as secretary of state for work and pensions in 2005, told the Counsel and Care charity this week that retirees should utilise the substantial equity they have tied up in their homes, rather than trying to preserve their families' inheritances.
Dean Mirfin, Key Retirement Solutions' business development director, has hailed this show of parliamentary backing for equity release as a serious part of retirement planning, stating that it was testament to growing consumer confidence in the industry.
Mr Mirfin explained that with life expectancy rising and pensioners now outnumbering children in Britain, there is a growing concern that people's pensions will not provide an adequate income in retirement, nor satisfactorily meet the costs of long-term care.
He therefore highlighted the importance of equity release in this situation, claiming that competition among providers has led to low rates and high quality service and that, while this option may not be the ideal solution for all retirees, it will be for many of them.
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