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Clegg .... a pension raid?

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Clegg .... a pension raid?


http://www.ft.com/cms/s/0/55647b20-0580-11e2-9ebd-00144feabdc0.html#axzz27Jwvyrk3
Quote
“The government is going to do something which hasn’t happened before – we’re going to work out ways in which parents and grandparents who want to help their children and grandchildren buy a property of their own.”

Crazy.
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Re: Clegg .... a pension raid?

http://www.bbc.co.uk/news/uk-politics-19693723 if you haven't registered for the FT
Great so instead of the Banks/Building Societies getting it in the neck when the borrower defaults the parents/grandparent have to cough up - stupidest idea I have heard in a long time
Quote
Otto Thoresen, director general of the Association of British Insurers, said: "We would want to look closely at the detail of the 'pension for property' scheme announced today by Nick Clegg.
"Pensions are designed to mature into a decent retirement income, not for other purposes.
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Re: Clegg .... a pension raid?

A high risk idea from my point of view.
Once upon a time that tax free lump some was used by many for a good holiday, a new car or a new kitchen.
These days it needs to be invested to supplement the pension.
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Re: Clegg .... a pension raid?

Well thats really going to help isn't it.
Nothing like tackling the problem with a totally inappropriate solution.. only in England  Crazy
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Re: Clegg .... a pension raid?

Don't worry it's only another idea from Calamity Clegg Roll eyes
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Re: Clegg .... a pension raid?

Ah yes, fair point.. we know what who Camerons favourite joke is  Wink
I have more respect for the humble garden slug than I do Nick Clegg.
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Re: Clegg .... a pension raid?

Yup, Journeys had the whole thing tied down. Another pensions raid by dumb politicians tinkering.
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Re: Clegg .... a pension raid?

How can anyone be so stupid as to come up with such an idea ?
Perhaps he thinks we are all plebs and all plebs would be too stupid to understand this is a stupid idea.
The sooner Clegg & his mates get the boot at the next election the better !!
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Re: Clegg .... a pension raid?

With all the half-baked things he has come out with I think he is going to find it hard to hold many of his seats.
David_W
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Re: Clegg .... a pension raid?

Oddly I think it's a pretty decent idea.  Banks these days want a fortune as a deposit, 50% isn't unheard of so when you're looking at a first property to start your family in you could find that you have to find £35,000 before you can get a loan for the other £35,000 to get the house, in effect the banks are pricing first time buyers out of the market.  If parents and grandparents want to help their children or grandchildren buy their first house then why not use their pension as a security to get a lower deposit?  They are not gambling their entire pension pot on it and it helps their loved ones out.
If I were nearing retirement, had kids and could use my pension pot to help them buy a house (and if I knew my kids were good with money) I'd happily use my pension pot to help them out, if however I knew my kids were a bit reckless with their money and bet365 is their most visited website I'd be more inclined to decline.
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Re: Clegg .... a pension raid?

It's a bad idea David. If this goes ahead where will it stop?
Soon they'll have you selling your plot in a graveyard before you've even used it  Crazy
What about large families? How do you decide which kids to help?
Seriously, while I see what you're saying, it's only fuelling the fire of house price increases. The prices won't stabilise or come down all the time people are suggesting even more new ways og extracting cash from first time buyers. Suggesting people use their pension pots to help their kids on the market is like giving estate agents a licence to print money.
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Re: Clegg .... a pension raid?

Agree with Sprite:-
But would ask why should BTL landlords get tax relief on the mortguge interest payments, yet the poor 1st time buyer gets nil tax relief on mortgage interest payments.
Lets have a level playing field, every body gets tax relief on mortguge interest payments, (or nobody does).
Vince Cable's £10bn capital at the ' New loan bank' will be used to assist "small business". Those "small business" will invariably be BTL landlords with portfolios of 8-10 properties thus increasing property prices again. This will not help the economy, Cable has followed Clegg into "Cloud Cuckoo land".
I've no objection to helping family onto the housing ladder, but believe a pension pot should be sacrosanct.
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Re: Clegg .... a pension raid?

Quote from: Sprite
Soon they'll have you selling your plot in a graveyard before you've even used it  Crazy

That reminds me I must start saving for my plot renewal....
£260 for 15 years or £460 for 30 years....Hmmm....which one to go for Undecided
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Re: Clegg .... a pension raid?

Good Mods are eternal
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Re: Clegg .... a pension raid?

15 years it is then Cry
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