Retirement Solutions

Whole-of-market equity release advice from Retirement Solutions

Retirement Solutions is an independent adviser firm focused on equity release and later-life financial planning for homeowners in the United Kingdom. The firm states that it is not tied to any single equity release provider, which allows its advisers to compare plans across the market and recommend those that meet the product standards of the Equity Release Council, the industry body for the UK equity release sector. Retirement Solutions is itself a member of that Council.

Advice is delivered by a team of specialist equity release advisers. The firm offers home appointments, so an adviser can discuss how equity release might work in the client's own property, and it also provides an online calculator for an initial estimate of how much equity could be released.

Equity release products and eligibility

The material describes equity release as a financial arrangement aimed at homeowners aged 55 and over, letting them access value tied up in their property without selling it or moving out. Two main schemes are outlined:

• Lifetime mortgage: the most common form, in which the homeowner secures a loan against the property and receives a tax-free lump sum or regular payments. There are no mandatory monthly repayments; the loan and accrued interest are settled when the homeowner dies or moves into long-term care. Some products permit voluntary partial repayments or interest payments to limit the growth of the debt.
• Home reversion plan: aimed at homeowners aged 65 or older, who sell all or part of the property to a home reversion provider in exchange for a lump sum or regular payments while keeping the right to live there rent-free for life or until long-term care is needed. The amount received is typically below market value.

The firm lists three eligibility thresholds for equity release: a property valued at no less than £70,000, a minimum tax-free release of £10,000, and a minimum age of 55 for the youngest homeowner. A free online calculator provides personalised results.

Switching plans and safeguards

Among the topics covered are the safeguards built into equity release plans and the possibility of switching an existing equity release plan to another arrangement. The customer reviews quoted on the site describe conversations with clients about switching their plans.

Wills, lasting powers of attorney and estate planning

Beyond equity release, Retirement Solutions addresses estate planning. Its material covers wills, lasting powers of attorney and trusts, along with the reasons estate planning matters, inheritance tax and the law, and when to undertake estate planning. The firm also describes its own estate planning process and offers an estate planning guide as a PDF.

Pensions, annuities and drawdown

The firm presents itself as providing expert advice across pension and retirement planning. Its resources explain annuities, distinguishing lifetime annuities from fixed-term annuities, and flexi-access drawdown.

Alternatives and points to weigh before releasing equity

The site sets out alternatives that may suit some homeowners better, including downsizing to a less expensive property, drawing on savings, pensions or investments, checking eligibility for state benefits or grants, and receiving financial help from family. It also flags considerations before committing: the reduction of the estate available to heirs, the costs and fees involved (interest rates, arrangement fees and early repayment penalties), and the need to keep the property well maintained to protect both its value and the terms of the agreement. Independent professional advice is presented as essential given the long-term implications, including effects on inheritance and on eligibility for means-tested benefits.

Costs, regulation and practical details

According to the site, the service is provided at the firm's cost unless the client decides to proceed; an advice fee of £1,899 becomes payable only if the case completes, and other lender and solicitor fees may apply. Retirement Solutions (UK) Limited is authorised and regulated by the Financial Conduct Authority under registered number 483817, and its company number is 06437737. The firm notes that calls are recorded and monitored. The site also carried a notice that its offices would be closed from 5pm on 28 March and reopen at 9am on Tuesday 2 April 2024.