Equity Release Council responds to the Pensions Commision's Interim Report

19 May 2026

Jim Boyd, CEO, Equity Release Council:

"The Pension Commissioner’s interim report exposes that 15 million people are under saving for retirement. This could reach 19 million without action, leaving large groups across the UK facing a severe cliff-edge when they retire.

"We have to reframe the debate to consider the role of property wealth to support retirement outcomes over longer lives – the debate should be about adequate retirement income, not just pensions.

"Despite people aged over 50 holding more than £4.7 trillion in property wealth, the use of housing equity remains a relatively under-used solution of retirement planning.

"Recent research from Fairer Finance – ‘How can housing wealth bridge the later life funding gap’, estimates that 51% of households aged 60+ in 2040 could benefit from accessing their housing wealth in retirement through later life lending, unlocking £23 bn each year. This will not only support millions of consumers to live better lives in retirement but could also contribute £21bn of gross value added to the economy in 2040.

"Policymakers need to focus on removing barriers to accessing housing wealth through the use of later life lending because, financial security in later life may require a broader mix of assets, not pensions alone.

"As Calum Cooper of The Society of Pension Professionals puts it, 'individuals may need to draw on a range of assets and savings vehicles to achieve the standard of living they expect in later life, rather than being solely reliant on pensions.'

"The Equity Release Council is committed to working in collaboration with Government, Regulators and industry to find ways to help consumers access this important source of wealth as part of broader retirement considerations, including better education, better rounded conversations with advisers and collaboration models."