LONDON, February 13, 2012 /PRNewswire/ --

Drawdown equity release plans could be the answer to supplementing pension income for homeowners

The Government has announced plans to increase the earnings threshold at which NHS workers must contribute more to their pensions, report Bower Retirement Services. The original Government proposal, part of its shake up of public sector pensions, stated any NHS worker earning more than £15,000 must contribute greater amounts of money to their pension schemes. The amended offer now protects NHS workers earning up to £26,557 per year. However, NHS workers on salaries higher than this threshold will be expected to contribute more, based on a sliding scale that increases in line with annual salaries.

The new plans are only in place for 2012 however and NHS workers will still be expected to receive only 'career average salary' pensions, rather than final salary pensions and this could result in financial difficulty later in life.

One possible way homeowners could supplement lower pensions is to utilise the equity locked up in their property. Bower Retirement Services is an award winning equity release adviser. It can help you unlock the cash tied up in your property. You can get an idea of how much might be available to you by using Bower Retirement Services' free equity release calculator. You simply enter your details into the equity release calculator UK and you will instantly be given some idea as to how much equity you can expect to release from your home.  

Bower Retirement Services can offer you a realistic financial alternative for later in life. As long as you own your own home and you're over the age of 55 you qualify for one of Bower Retirement Services equity release plans.

A typical plan via Bower Retirement Services is a lifetime mortgage with flexible cash release, or drawdown plan. These are simple, cost-effective ways of providing yourself with a 'salary' once you retire. The plan provider recommended by Bower Retirement Services, will lend you a percentage of the property's value. However, unlike a traditional mortgage, you will not be required to make monthly payments to payback the loan. No capital or interest payments are normally required during your lifetime. Another bonus with these drawdown loans is the ability to withdraw regular amounts of money from an additional pot of cash. This is why drawdown plans are so appealing; you can supplement your salary with regular withdrawals against the value of your property.

You can trust in Bower Retirement Services and its home equity loan calculator to give you a fair, honest and transparent service that is safe and reliable. Bower Retirement Services is regulated by the Financial Services Agency and uses only Safe Home Income Plans (SHIP) from the best equity release providers in the UK.  

About Bower Retirement Services

Bower Retirement Services are an award-winning specialist UK equity release advice company. Fully regulated and authorised by the Financial Services Authority (FSA) to provide advice on equity release products from the whole market. Winners at the 2009 and 2011 Equity Release Awards, with Bower customers are guaranteed to receive the very best equity release advice.

Contact: Simon Chalk, +44(0)7734-151-251, pr@brsequity.co.uk

SOURCE Bower Retirement Services

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