Women more likely to need equity release

Women have been hit hardest by the dip in pensions saving, so they might want to consider equity release as a means of making up the difference.

This comes as Scottish Widows launch their sixth annual Pensions Report and discuss the issue of pensions in the new parliament.

The report shows that pensions saving is at its lowest level since 2006 – last year, 54 per cent of those asked were saving adequately for their retirement, whilst this year the figure has dropped to 48 per cent.

Even more worryingly, one in five (21 per cent) people aren’t saving any money for their retirement.

It is for people like this for whom an equity release scheme could be vital.

It would allow them to increase their earnings during retirement, either as a lump sum or as a regular income, as is the case with a lifetime drawdown mortgage.

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