SHIP welcomes launch of WRIC

The commission, launched by the National Association of Pension Funds (NAPF), will “investigate why the pensions system is failing so many people and ask how the UK can radically change its approach to saving for retirement”.

Commenting, Andrea Rozario, director general of SHIP said: “The launch of the Workplace Retirement Income Commission is good news for consumers as well as the financial services industry.

“Employers play a vital link in enabling ordinary consumers to better prepare for retirement. Anything which can be done to understand the existing barriers to retirement saving and look to overcome them will play an important role in meeting the growing challenge of ‘grey Britain’.

“For most working people, their home is their largest asset but the choice of using some of the equity to ease retirement finances is often ignored. We believe that as the commission looks to how the UK can radically change its approach to saving for retirement, equity release and a holistic approach to later life financial planning should form part of this.

“No-one likes to think that after a long working life, they will be unable to enjoy the retirement they deserve. However, it is doubly frustrating when you consider that for some people using housing equity could make a real difference but due to misconceptions or miss-information, this opportunity is not taken.”