Two thirds of homeowners want to downsize at retirement, says NOW: Pensions

For immediate release: 7 February 2017

Commenting on today’s Housing White Paper: Morten Nilsson CEO, NOW: Pensions said:

“Over the next ten years, we estimate that 7.7million* people will retire. Our recent research** revealed that downsizing their property is the preferred route for two thirds (63%) of non-retired UK homeowners to release their property wealth.  Two in five (39%) agree that it’s important to have the option to access their housing wealth.

“To be able to downsize, there needs to be enough suitable homes by the time they retire, of the types of homes that retired people want to live in. It is encouraging to see the Communities’ Secretary and Prime Minister tackling this issue head on.

However, people cannot be led to believe that they can rely solely on their home to provide their retirement income, so at the same time the Government needs to ensure that people are saving enough into their workplace pension if they are to enjoy a decent standard of living in retirement.”

–     Ends     –

 Notes to editors

*NOW: Pensions calculation based on ONS Population Data

**Research conducted by Opinium online between 13 December 2016 and 16 December 2016 with 2,000 UK   respondents aged 18 and over

 

For further information:

Cheriton Lee

NOW: Pensions

Tel: 0203 826 1464

cheriton.lee@nowpensions.com

 

Lauren Roberts

NOW: Pensions

Tel: 0207 566 9760

nowpensions@lansons.com

NOW: Pensions www.nowpensions.com @nowpensions

NOW: Pensions is one of the UK’s largest workplace pension providers with over a million members and tens of thousands of employers from a wide range of sectors. A subsidiary of one of Europe’s largest pension funds, Danish pension scheme ATP, NOW: Pensions entered the UK market in 2011 with a simple and cost effective workplace pension designed specifically with the auto enrolment market in mind.

NOW: Pensions was one of the first providers to achieve independent assurance of scheme quality in accordance with the master trust assurance framework (AAF02/07) introduced by The Pensions Regulator in conjunction with the Institute of Chartered Accountants in England and Wales (ICAEW).

...its simple design means the pressure is taken off us as the employer and avoids costly administration charges, whilst removing the burden of choice and ensuring the best possible retirement outcome for our employees. — Matthew Johnson, Head of Compensation and Benefits at Adecco Group UK & Ireland
…We pride ourselves on our abilities to make the perfect match for both clients and workers. Our decision to appoint NOW: Pensions came as a result of wanting a quality workplace pension scheme that is structured, simple and easy for us to… — Ian Naylor, Legal Director of Randstad
Over a short period of time, NOW: Pensions has established itself as a respected and credible player in the UK workplace pensions market attracting thousands of employers and hundreds of thousands of members. Joining the team at such a crucial time… — Jocelyn Blackwell, Founder of Dunnett Shaw and Raising Standards in Pensions Administration
“Redington’s Investment Committee assigned an Approved Rating to the NPI DGF and positive on the fund.” — Redington
“We were impressed with the simplicity of its scheme. The ease of implementation was also a big plus for us and has removed much of the administrative headache.” — Neil Tune, HR director at Fitness First