Equity release schemes 'could be vital to retirement savings'

Equity release schemes can make a significant contribution to retirement income savings.

As the government takes on the task of revising the pensions system for the whole nation, an expert has called for a thorough evaluation of the entire process.

The Investment Management Association (IMA) has urged the government to carry out a careful and detailed assessment of the pensions systems before going ahead with any policy introductions or amendments.

IMA has suggested that savers should be spared additional taxation by doing away with the stamp duty on share business.

Further advice includes protecting long-term savers and working towards making the UK a viable fund location.

Richard Saunders, chief executive of the IMA, said: "The government should take the opportunity to have a fundamental and holistic look at the pensions and savings regime as a whole, and to ask how it can be simplified while at the same time incentivising people to save for the future."

David Cooper, marketing and distribution director of Just Retirement, advised potential retirees to keep their options open when considering retirement income savings.

Ashall Glover Financial Services advising on equity release schemes