CML brands the report a “wasted opportunity” as it fails to make suggestions for how housing assets could be leveraged to greater effect. Laurence Baxter, senior policy adviser at CML, says: “The Turner Report glosses over the role of housing equity in funding retirement income.“This is a wasted opportunity as much could be done to ensure equity release becomes a mainstream part of the retirement income mix.” Roland McCormack, managing director of mortgages at Bristol & West, says many people are still hesitant about equity release. McCormack adds: “Many pensioners are struggling to make ends meet when they are sitting on assets worth up to 1m. “What’s wrong with utilising your biggest asset to make life financially easier?” But Jon King, managing director of Hodge Equity Release and chairman of Safe Homes Income Plans, believes the report is a step in the right direction. He says: “I am pleased the government has acknowledged housing wealth is relevant to the pensions debate.”
The Council of Mortgage Lenders has criticised the Turner Report for not giving enough attention to equity release as a possible solution to the pension crisis.