Equity release body aims to clarify state benefits rules

A leading equity release body has launched a campaign aimed at clarifying exactly what impact equity release may have on state benefits.

Safe Home Income Plans (SHIP) believes that advice offered by the Department for Work and Pensions is at times inconsistent on this issue, leading to confusion among experts and the general public.

A new questionnaire has therefore been devised by SHIP in order to obtain information about the opinions and experiences of advisers as regards the relationship between equity release and state benefits.

The results of the survey will be analysed by a working group led by SHIP, Baroness Hollis and other key stakeholders.

"We have launched this campaign to provide some clarity and guidance to both advisers and their customers. Our aim is to make the process transparent and accessible for everyone," said SHIP director general Andrea Rozario.

Last month, SHIP released separate research findings which showed that just seven per cent of Britons expect to be able to afford an independent retirement, with 93 per cent planning to access state benefits.

Ashall Glover Financial Services are equity release specialists