SHIP Urge New Government to Promote Equity Release
The equity release trade body, Safe Home Income Plans (SHIP), has urged the new Conservative and Liberal Democrat coalition Government to “help to improve the standard of living for older people” and consider equity release as a tool for funding retirement.
As the newly formed coalition Government gets settled into office, SHIP are hopeful that some of the proposals put forward individually by the Conservatives and Liberal Democrats in their manifestos, won’t get shelved in the new set-up. With an estimated 18 million people aged 55 years old or over, living in the UK by 2011, greater funding and care needs to be in place.
Making Equity Release a Viable Option
Andrea Rozario, Director General of SHIP, commented: “We hope that these ideas will be enhanced and evolved rather than shelved in the policy reshuffle necessary to run a coalition Government.”
The ideas that she is referring to are the Conservatives’ personalised health and social care programme that will give people greater control of their care and the Liberal Democrats’ citizen pension for all long-term British citizens.
Both parties outlined these proposals in their campaign manifestos and SHIP responded by providing a three-point action plan that was released prior to the election results. In it, they refer to each party’s policies and the key issues they believe in – education, communication andco-operation. They also move to champion equity release as a valuable tool for funding social care.
With such a swell in the elder age groups expected, taking measures to improve the burden of this now is vital and equity release could be seen as one viable option.
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