A think tank has called on the government to buy parts of people's homes and deliver a guaranteed lifetime income in return, in a bid to bolster retirement income for low earners.
The International Longevity Centre-UK (ILC-UK) will present a report to the House of Lords on Thursday, in which it will ask the government to create a state-run "Equity Bank" to help low income pensioners generate extra income from their property. Produced by Les Mayhew and David Smith of Cass Business School, the paper will suggest the government should guarantee people an extra income in retirement in exchange for shares in their property. It would recover the investment when the property gets sold upon the person's death, the paper will say, pointing out the service should be offe...
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