Benefit changes can have an impact on your financial position if you take out an Equity Release scheme. If you proceed we will provide you with a benefits entitlement report as part of the Suitability Report to establish any effect releasing the money will have on your entitlement to Pensions Credit, Council Tax Benefit and Working Age Benefit.
If you already have an AIP that is due to end between 6 April 2016 and 31 March 2019, it will end – either on the original date on your Pension Credit Award letter, or earlier if your household circumstances change. If you already have an AIP that is due to end on or after 1 April 2019, it will end early and will not be renewed. If you currently receive Pension Credit, the DWP will write to you telling you the new end date 6 months in advance. You can also find the new end date on the DWP website.
The Equity Release Council is keen to ensure you know what impact on any Pension Credit any Equity Release plan you enter into will have to avoid you taking decisions which may mean you losing out financially.