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Retirement Plus introduces hybrid equity release

Retirement Plus is offering a hybrid equity-release product backed by property giants British Land and Delancey.

As revealed by Money Marketing in July, the product, called Property Plan, is a hybrid of a home-reversion plan, which means the client co-owns the property with the provider rather than the provider owning the property deeds outright.

The sum advanced on the property is based on the full market value and there are no early redemption charges.

Retirement Plus does not insist on selling the property if the client goes into a nursing home.

The annual rate is currently 5.5 per cent. After five years, any falls in the prop- erty value are shared proportionately between the pro- vider and client.

The product allows the client to take in lodgers and tenants and allows up to three people to be party to the agreement.

Property Plan is only available through intermediaries and is treated as a regulated product. The company is applying for membership of Safe Home Income Plans.

Chief executive Duncan Young says: “This product represents a significant development in the market. Full property valuations, lifestyle flexibility and a lack of exit penalties should give consumers peace of mind.”

NHFA equity-release marketing manager Mike Lewis says: “It is not going to be a massive player to threaten the likes of Northern Rock but it fits some people’s needs.”


Bestinvest buys IFA Waterson Jones

Bestinvest has acquired London-based IFA Waterson Jones, which will now be integrated into the Bestinvest group.The firm, set up in March 2002 by Martin Jones, who will now be become a director of the group.Bestinvest chief executive John Spiers says: We are extremely pleased that Martin has selected Bestinvest as his future partner from a […]

LibDems switch to earnings- linked pension rise

The LibDems have revised their pension policy with a switch from increases linked to earnings rather than prices. The revised proposals for pension reform include raising the state pension age to 67 to help pay for extending their citizen’s pension to all pensioners rather than just people over 75. The LibDems would also scrap the […]

‘Another waste of time that will be consigned to dustbin of history’

Leading IFA commentators are sceptical about whether the Government will imple-ment any of Turner’s planned sweeping changes to the pension system. Informed Choice managing director Nick Bamford says the report will be consigned to the dustbin of history, similar to the fate of the Department for Work and Pensions-sponsored 2002 report by Alan Pickering. Bamford […]

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Fit for Work: guidance for employers published

On Friday, the Department for Work and Pensions published its guidance for employers on using the new Fit for Work (FfW) service to help ill employees return to the workplace. It also includes more details on the tax exemption for medical interventions that commenced on 1 January 2015.


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