Pension credit change

The forthcoming increase to the capital disregard for pension credit will be helpful for over 50s looking to make the most of equity release, according to Key Retirement Solutions.

Forthcoming changes to the pension credit laws are to offer benefits for over 50s looking to equity release as a means of retirement finance, according to Key Retirement Solutions.

The equity release specialist has hailed chancellor Alistair Darling's decision to increase the capital disregard for pension credit from 6,000 to 10,000 as of November 2nd 2009.

This new limit will allow older people to build up a larger amount of savings without it affecting their access to benefits.

Dean Mirfin, group director of Key Retirement Solutions, stated that this help over 50s to take greater advantage of equity release to bolster their retirement savings.

He added: "The government can and indeed should do more to encourage pensioners to improve their quality of retirement through equity release."

Last month, the Pensions Policy Institute called for over 50s to consider equity release as versatile means of financing their leisure, travel and health costs in retirement.

To view businesses and services in our Equity Release section click here

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