Property 'not the answer to boosting pension'

Early findings from Mercer’s UK work and savings survey, released next month, reveal around one-third of people with defined contribution (DC) pension schemes are relying on the house they live in to form a large part of their retirement income. But Mercer says while a minority of people will be able to downsize their properties and use the extra capital to buy a substantial annuity, “selling a home to fund retirement will not be a viable solution for most”. The consulting firm says an average UK house currently costs around £173,000 and could be sold to buy an annuity worth about £6,70...