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SHIP calls for clarity on benefits and equity release

Safe Home Income Plans is campaigning for clear, definitive guidelines on the extent to which taking out an equity release plan can affect access to state benefits.

The equity release trade body is concerned that current advice on the impact equity release may have on state benefits coming from the Department of Work and Pensions is inconsistent and confusing for both advisers and consumers.

As a result of these concerns SHIP has launched a broker questionnaire to find out how advisers and their clients feel about state benefits and the effect equity release might have on their eligibility to certain state benefits.

The results will be analysed by a working group led by SHIP, Baroness Hollis, and other key stakeholders.

Brokers who take part will be enterer ed into a prize draw to win £100.

Andrea Rozario, director-general of SHIP, says: “The government is in a state of change and older customers must not be side-lined.

“We have launched this campaign to provide some clarity and guidance to both advisers and their customers. Our aim is to make the process transparent and accessible for everyone.”

The questionnaire, which can be accessed here, will be live until the end of May with the results announced in mid-June.

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