28 Aug

Equity release 'could be a better way of funding retirement'

Equity release 'could be a better way of funding retirement'

Equity release could provide a better way of funding a retirement than converting property to annuity, one property expert has suggested.

Paul Goodwin, the head of pensions marketing at Aviva, the world's fifth-largest insurance group, said that converting property to annuity is often not a simple option.

His comments follow the release of a report by Lincoln Financial Group, which revealed this week that over two million adults are unsure about where their pension money is invested.

"How do you convert your property into an income-generating asset? It isn't always straightforward," he stated.

He added that while some might choose to use equity release, others may wish to try a conventional annuity route, saying that converting property to annuity is "not easy".

The news comes after Baring Asset Management reported earlier this month that UK pension pots have lost £29 billion in the last year through falling house prices.

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