Mr Opperman is looking at ways the UK's workplace pension system can be extended to allow young workers to dip into their pensions for home deposits. This might include lending money from their pension to get onto the property ladder.
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Currently, in the UK people cannot access defined contribution pension pots before the age of 55 without incurring steep tax penalities. In the UK, savers cannot currently borrow money from their pensions, as they can in the USA, for example, with 401K retirement accounts.
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Speaking at the
@prospect_uk webinar today, Mr Opperman stressed opening up pensions for house deposits was not government policy, nor was it being examined by officials. However, he invited ppl to come to him with ideas about how pensions could be used to help first-time buyersDeze collectie tonen -
Mr Opperman is also examing how some pension savings can be diverted to a rainy day fund for auto-enrolled workers. He is looking at how AE can be adapted to facilitiate a separate savings account, of up to £500, which can be accessed for emergencies such as car repairs.
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Seems like the type of policy that a government that was trying to row back pension freedom changes definitely would not consider. I bet they are considering it though.
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This is so bad on multiple levels it makes me cry/angry/buy a house ladder before they eventually do something this stupid.
Bedankt, Twitter gebruikt dit om je tijdlijn te verbeteren. Ongedaan makenOngedaan maken
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Terrible idea. You don't solve one crisis (housing affordablility) by making another one worse (reducing the size of pension pots).
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Then we end up with poor pensioners?
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