Equity release firm In Retirement Services has gone into administration with Deloitte appointed as administrators.
Carlton Siddle, Robin Allen and Nick Edwards from Deloitte were appointed as joint administrators on Friday to manage the administration process for In Retirement Holdings Limited, In Retirement Services (Reversions) Limited and Equity Release Limited.
Deloitte says that as the financing for the equity release plans came from other financial institutions In Retirement Services has no financial or ownership interest in the properties that have been subject to equity release arrangements.
Robin Allen, joint administrator of In Retirement Services, says: “Unfortunately, it has not been possible to secure funding to enable the group to remain outside of an insolvency process.
“We are currently working with management to determine the best strategy for maximising value for the group's stakeholders and preserving the continuity of services to its 14,000 customers.”
The company was backed by private equity house 3i and was part of the equity release trade body Safe Home Income Plans.
Customers of In Retirement Services with queries should call use their usual point of contact within the In Retirement Services group.
Monday, 17 August 2009
Equity release to see big business in 2029
There will be an increased uptake in equity release in 2029 so elderly people can enjoy a good standard of living, according to research by retirement planning group Sovereign Reversions.
The firm said that by 2029, there will be 15.1m people over the age of 65, a 50% increase in the number of pensioners today. By 2029, this group will sit on housing equity worth £1.5trn, an increase of 88% on the current level of £800bn.
The firm said that as these over 65s prepare for retirement, they will find finances much tighter due to pensions becoming more dependent on uncertain investment outcomes and the official retirement age rising which will force people to work longer before being entitled to a state pension.
Graeme Marshall, chief executive of Sovereign Reversions, said that for many, the value of their home will be the most obvious source of cash to support their income in retirement.
He said: "There will be no alternative to ensure pensioners have can enjoy a reasonable living standard in their old age."
Sovereign Reversions used Office of National Statistics data on pensioner households and housing tenure and Department of Communities and Local Government (DCLG) data on house prices in its study
The firm said that by 2029, there will be 15.1m people over the age of 65, a 50% increase in the number of pensioners today. By 2029, this group will sit on housing equity worth £1.5trn, an increase of 88% on the current level of £800bn.
The firm said that as these over 65s prepare for retirement, they will find finances much tighter due to pensions becoming more dependent on uncertain investment outcomes and the official retirement age rising which will force people to work longer before being entitled to a state pension.
Graeme Marshall, chief executive of Sovereign Reversions, said that for many, the value of their home will be the most obvious source of cash to support their income in retirement.
He said: "There will be no alternative to ensure pensioners have can enjoy a reasonable living standard in their old age."
Sovereign Reversions used Office of National Statistics data on pensioner households and housing tenure and Department of Communities and Local Government (DCLG) data on house prices in its study
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