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Catch up with the latest press releases from LV=

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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=
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.