The Intermediary – October 2026 - Flipbook - Page 69
L AT E R L I F E L E N D I N G
Opinion
The triple lock
debate
T
he recent debate
surrounding the
triple lock has again
brought the topic of
financing retirement
into sharp focus.
While aention has understandably
centred on what any changes could
mean for state pension income, the
wider significance of this discussion
shouldn’t be overlooked.
The state pension has long been
viewed as a cornerstone of retirement
planning. But while policymakers
grapple with questions around
affordability, demographic change and
an ageing population, it’s increasingly
clear that retirement security can’t
solely rely on a single source.
This moment should act as a catalyst
for a broader conversation about how
people fund retirement and the role
that all available assets can play.
Recent research from Fairer
Finance reinforces the scale of the
retirement funding challenge facing
the UK, given that it found that 15
million people are under-saving for
retirement, with one in 10 workingage adults on course to experience
poverty in later life.
The research also highlighted
particular challenges. 65% of single
female homeowners aged 55 to 79 are
projected to fall below the Pensions UK
moderate retirement living standard
despite holding an average of £225,000
in housing wealth, demonstrating the
important role property could play in
supporting retirement resilience for
particular cohorts of customers.
Housing wealth must become part
of a broader retirement funding
conversation. For millions of
homeowners, property represents
their largest financial asset, oen
outweighing pension savings and
other forms of wealth. Yet housing
wealth remains absent from many
retirement planning discussions, and
at a time when consumers are living
longer and retirement journeys are
becoming increasingly varied, that
disconnect is difficult to justify.
WILL HALE
is CEO at Air
Pillars of support
The Financial Conduct Authority
(FCA) has highlighted the growing
role that housing wealth could play as
a ‘fourth pillar’ of retirement funding,
arguing that retirement planning
should not be limited to the state
pension, workplace pensions and
personal pensions. The regulator has
called for a more holistic approach,
recognising that housing wealth can
sit alongside pensions and savings
as an important source of later life
income and financial resilience.
This isn’t about replacing pensions.
Rather, it’s about recognising that
retirement planning has become more
complex and ensuring consumers
understand all the assets available to
support their financial wellbeing and
other objectives – which may include
intergenerational wealth transfer
considerations.
Today’s retirees have very
different expectations from previous
generations. At the same time, longer
life expectancy means retirement
income oen needs to stretch further.
Against this backdrop, the later
life lending market has evolved
significantly, and modern lifetime
mortgages and retirement interestonly mortgages now offer a wide range
of features, safeguards and repayment
options designed to support different
customer needs and objectives.
Product innovation alone is not
enough, and one of the biggest
challenges facing our sector remains
awareness. Too many consumers still
approach retirement without a clear
understanding of the choices available
to them. For many, housing wealth is
viewed solely as an asset to be passed
on upon death, rather than to improve
financial wellbeing during retirement
or to provide a living inheritance –
perhaps helping a child or grandchild
onto the property ladder.
Breaking down advice silos must
be a priority. While progress is being
made, there is still considerable
opportunity for greater collaboration.
Mainstream mortgage advisers,
wealth advisers, lenders and later
life specialists all have a role to
play in ensuring customers receive
comprehensive information on all
the options that may be available to
them and, where appropriate, access
to specialist advice. There is also a
role for guidance services, such as
the Government’s Moneyhelper
proposition.
What we need is more joinedup thinking from Government,
regulators and the wider industry.
Policymakers should recognise
the contribution that responsibly
accessed housing wealth can make to
retirement resilience.
The industry should continue
improving awareness, strengthening
referral pathways and supporting
advisers to have more holistic
conversations with customers, while
regulators should support innovation
while maintaining the high standards
of consumer protection that underpin
trust in the sector.
Ultimately, the debate around the
triple lock should not only be viewed
through the lens of pension policy. It
should encourage a wider discussion
about how people achieve financial
security throughout retirement, and
whether we are doing enough to help
them make informed decisions.
For millions of homeowners,
housing wealth could form an
important part of that solution. The
challenge now is ensuring it becomes
a more mainstream part of the
retirement planning conversation,
helping consumers access greater
choice, flexibility and confidence. ●
October 2026 | The Intermediary
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