Commenting, she said: “The Government’s move to simplify the UK pension and related benefits system is to be applauded. Currently, it is incredibly difficult to judge not only what pensioners are entitled to but how these means-tested benefits may be affected if they seek additional private funding sources – like equity release.
“[Yesterday’s] announcement is an initial step towards clarifying the murky waters around this issue. Going forward, we hope to see a system where people can make informed choices and they are not penalised for taking proactive steps to fund their own retirement. We urge industry to fully engage in this process and work with the Government to ensure that the UK’s most vulnerable older generation receives the care and support they need.”
