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).

…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
Why do we insist on having a choice of fund manager when the evidence shows there is usually no benefit to be gained…and there is always a negative impact in terms of cost? — Anthony Hilton financial editor of the Evening Standard writing in Pensions World, June 2013
ATP comes to the UK pensions world with the highest commendations from the Danish trade unions, employers and government. NOW: Pensions' offering in the UK will be high quality, low cost, and honest and I'm proud to be associated with it. — John Monks, member of House of Lords and former General Secretary of ETUC and TUC
“Redington’s Investment Committee assigned an Approved Rating to the NPI DGF and positive on the fund.” — Redington
NOW: Pensions' risk management and diversified growth fund are state of the art. — Win Robbins, former Head of European Fixed Income Barclays Global Investors