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&#39Equity release an alternative to pension&#39

The FSA wants to see con-sumers actively consider equity-release-style products as an alternative to pensions to fund their retirement.

Speaking at the Liberal Democrat Party Conference this week, FSA consumer director Anna Bradley said there is a danger that the industry only encourages people to think about pensions for retirement.

In response to Consu-mers&#39 Association senior policy adviser Mick McAteer asking what the panel of financial services experts thought needed to be done to address the pension crisis, Bradley said people need to look more widely at different options for funding their old age and the value in their properties was one solution.

Bradley accepted the risk of a collapse in prices faced by consumers&#39 reliance on housing as their means of retirement but said it should not be ruled out.

But National Consumer Council chief executive Ed Mayo said more information was needed for consumers who want to release capital held in their houses.

Bradley said: “The prob-lem is not about pensions but about how consumers are going to fund retirement. There is a danger that we get people only to think about pension products when plan-ning their retirement.”


Independent view

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