Overcome the State Pension Age Extension with a Modern Lifetime Mortgage


For decades, the state pension age for women was 60. It is currently 62 for women and 65 for men. UK Parliament aim to establish equality in society, consequently, this has begun debates on matching the State Pension Age for men and women.

The Pensions Act 1995 phased an increase in the Women’s pension age from 60 to 65 by 2020.  Current actions see that the SPA for women will start to increase to 65 between April 2016 and November 2018[1]. Indeed, a shock to the pension plan for many.

As a result, women will encounter up to an additional three years before they can receive their pension.  This will represent a financial loss of up to £30,000. Forecasts show that you would have to live into your late 90’s in order to recoup what you have lost.

The short notification period has left little time to make alternative plans and for many will mean continuing to work longer than expected. However, continuing to work is not the final resort.  You may be able to meet your initial retirement plans by releasing equity from your property.  Regulated by the Financial Conduct Authority, Responsible Equity Release can help you release the funds tied up in your property by providing a fully advised service from start to finish. So you can be rest assured and retire at a time you prepared for.

The date of which you can receive your state pension is in brief:

  • Women born between 6 April 1950 and 5 April 1953 have a State Pension Age of between 60 and 63. They will   reach SPA by March 2016.
  • Women born between 6 April 1953 and 5 December 1953 have a State Pension Age of between 63 and 65. They will reach SPA by November 2018.
  • Men and women born between 6 December 1953 and 5 April 1960 have a State Pension Age of between 65 and 66. They will reach SPA by October 2020.[3]

Modern Solution

By using a Lifetime Mortgage, you can access your property wealth, tax free, with no monthly repayments, unless you choose to. You could release cash to top up your income, to help make your decision to retire as and when planned, and under no time restrictions bounded by the State Pension. Be proactive and find out all the info you need to know to make an educated decision regarding equity release.  We offer a no obligation face to face service.  Call us on: 0800 652 2955 for more information.

This is a Lifetime Mortgage and will reduce the value of your estate and can affect your entitlement to means tested State Benefits. To understand the features and risk, ask for a personalised Illustration.


[1] Jones, R. (2016).

[2] Jones, R. (2016).

[3] Jones, R. (2016).

Responsible Equity Release is a trading style of Responsible Life Limited. Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (https://register.fca.org.uk/) under reference 610205. Only if you choose to proceed and your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,490. A lifetime mortgage may affect the value of your estate and your entitlement to means-tested state benefits. Our adviser will talk you through this and the setting up costs before you make any decision to proceed.

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