MPs have opened discussions with the Equity Release Council (ERC) about the key role equity release can play in funding social care and pensions.

The ERC has been looking to ramp up its lobbying and plans and held its first policy-makers event in the House of Commons last week (27th June).

Sponsored by Eric Ollerenshaw, the event provided both current and potential members of the ERC with the opportunity to talk to parliamentarians and members of the House of Lords about how equity release can plug funding gaps in the social care and pensions sectors.

Care costs are set to spiral over the coming years due to rising life expectancy, with LV= estimating that 1.1 million people will make use of formal care services by 2025.

Meanwhile, recent figures from the Halifax revealed that just a third of men and a quarter of women are investing in a pension scheme, showing how many people are failing to adequately prepare for their retirement.

Andrea Rozario, director general of the ERC, said: "We are very pleased to have held our first Equity Release Council event aimed specifically at policy-makers.

"This will build on the work that we have done in the past and help us to achieve our ultimate goal of getting a government department to 'take ownership' of equity release."