First-time buyers should be allowed to their pensions for cash to get on the property ladder, minister says
First-time buyers could be allowed to dip into their retirement savings to get on to the property ladder, the pensions minister has said. Guy Opperman said he is exploring ways pensions could be used to fund deposits in a bid to help young savers locked out of the housing market. But the idea was attacked by industry experts, who said it would undermine efforts to get individuals to save more for their old age – and push up house prices. Guy Opperman said he is exploring ways pensions could be used to fund deposits UK savers cannot currently access defined contribution pensions before the age of 55 without incurring hefty tax penalties. Mr Opperman told an online seminar hosted by Prospect magazine yesterday that he was ‘curious’ to see if young people could borrow money from a workplace pension for a housing deposit. However, he stressed the idea was not being examined by officials. Mr Opperman said that he was ‘curious’ to see if young people could borrow money from a workplace pe