LV= uses cookies to give you the best experience online and to provide anonymised, aggregated site usage data. You can find out what cookies we use and how you can disable them in our Cookie Policy. By continuing to use our website, you agree to our use of cookies in accordance with our cookie policy unless you have disabled them.

skip to main content

Catch up with the latest press releases from LV=

Large green heart

Vanessa Owen, LV= Head of Equity Release comments on equity release trade body SHIP

Press release: 17/03/2010

"Our own research last year here at LV= shows that a quarter of over 50s (25%, 2.3m people) expect to rely solely on the basic state pension in retirement, and when asked to comment on their likely retirement lifestyle and expenditure, almost half (48%) said their overall expenditure would fall, while one in five expect to spend more in retirement than they do now (22%). Many people are also planning to fall back on the value of their home to fund their retirement. Despite people believing an average of £27,250 has been wiped off the value of their property in the last two years, an estimated 1.3m over 50s plan to use their property to provide a retirement income."

"Traditional pensions savings are no longer enough to retire on, say one in six over 50s (16%), who believe that their home is their strongest pension option, and while 34% believe it will take three to five years for house prices to return to their pre-recession value, 41% of those planning on using their home to boost retirement income feel they are still on track to retire as planned."

"The recession has had a big impact on the personal wealth and pension pots of the over-50s, but for many their home is still a big part of their retirement income plans. Trading down to a smaller house, or using a suitable equity release product to get funds out of their existing home, can therefore play a big part in helping to make people’s retirement years more comfortable. Anyone considering releasing equity from their home should make sure they seek specialist advice."

LV= is a registered trademark of Liverpool Victoria Friendly Society Limited (LVFS) and a trading style of the Liverpool Victoria group of companies.

LV= employs more than 3,800 people, serves over 3.8m customers and members, and manages around £7.7bn on their behalf. We are also the UK’s largest friendly society and a leading mutual financial services provider.

Liverpool Victoria Friendly Society Limited (LVFS) is authorised and regulated by the Financial Services Authority, register number. 110035. LVFS is a member of the ABI, AMI, AFS and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.