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Pensioners and mortgage guarantees

Created by Margaret Stone in Retirement and pensions



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http://thefamilygrapevine.co.uk/?afonja=%D8%A7%D9%84%D8%AE%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D8%AB%D9%86%D8%A7%D8%A6%D9%8A%D8%A9-MT4-%D8%A7%D9%84%D9%85%D8%A4%D8%B4%D8%B1%D8%A7%D8%AA-%D8%AA%D8%AD%D9%85%D9%8A%D9%84&3f4=66 There are certain policy ideas which deserve to die before they ever get off the ground, and the Lib Dems’ proposal that grandparents should use part of their future pension pot as a mortgage guarantee for the grandkids is one of them.

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اخبار اسهم اسمنت ام القرى At retirement, a prospective pensioner is allowed to commute 25% of the funds in his or her pension into a tax free lump sum. Short of winning the lottery, it’s usually the last chance the grandparent generation has to get their hands on a chunk of capital, a rainy day fund for their future.

مصدر مفيد  

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سعر الذهب اليوم الامارات Standing as guarantor sounds so simple, but how many grandparents will realise that they will be taking upon themselves an obligation from which there will be no escape if the grandchild subsequently defaults on the mortgage. And in times of recession this will, inevitably, happen in some cases. If the keys are handed back in, the lender will come knocking on the door of granddad and grandma for that deposit they pledged from their pension pot in earlier years.

رابط الموقع  

انتقل إلى هذا الموقع The grandparents most at risk will not be the wealthier ones. For any grandparent with other resources, there are far better ways to help with a grandchild’s mortgage – and to cut down on inheritance tax liabilities into the bargain.

انتقل إلى هؤلاء الرجال  

No, it is the grandparents of modest means, who can least afford it, who are being targeted. The Lib Dems believe around 250,000 people have a pension pot of around £40,000, each with pension commencement lump sum of 25%, or £10,000. It is quite wrong that such families should be subject to the emotional blackmail of being ‘told’ to make financial sacrifices.

 

And there are plenty of practical reasons why this half-baked idea which, according to the Lib Dems is only likely to benefit some 12,500 grandchildren, should be allowed to fizzle out.

 

The law would have to be changed to allow a lender, bank or building society, to take a charge over the accrued rights a person has in his or her pension scheme. And even if the law were to be changed, there would have to be a mountain of subsidiary rulings to determine just who, in what circumstances and when such a guarantee could be given.

 

It would, perforce, mean substantial changes being made to the investment portfolio underpinning the pension fund. Any lender accepting a chunk of one’s future pension fund as a mortgage guarantee will, understandably, want to make sure that the money is invested ultra-safely – and if that means cash or equivalent, it also means no capital growth and little income. It will reduce the size of the pension pot and the deposit it is meant to be guaranteeing.

 

It will also add the charges that the pensions industry will be making. These charges are already under attack for being too high, but add another huge layer of administration, monitoring and regulation that this guarantee would involve and charges will rise.

 

Finally, it doesn’t address the underlying cause of the young people’s mortgage angst – house prices.

 

 

by Margaret Stone

 

 

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