Norwich Union responds to the government equity release scheme announcement

"We are pleased that the Government appears to be recognising the importance of equity release and how it can be used as part of financial planning for retirement. We support any initiative that will reduce barriers for consumers and help the sector grow."

"However, it is important that consumers see this as a product to supplement retirement income rather than an alternative for long-term saving."

"Most customers use equity release to provide a lump sum to pay for things such as home improvements, buying a new car or a holiday. Our experience is that it can be difficult to create a product that provides a meaningful regular income."

"Before looking at this area any further, we would encourage the government to consult with existing providers who have experience in the market, including Norwich Union, the market leader."