Submitted on Thursday 4th August 2011
Published on Monday 15th August 2011
Current status: Closed
Closed: Wednesday 15th August 2012
Pension can also be used to repay Mortgage
On retirement, under present legislation, we citizens can only withdraw 25% value in cash. The rest is stuck in an annuity till death.
I want the law changed, to allow us to withdraw the full pension to repay the mortgage.
House prices are so high, many can only afford an interest only mortgage - which leaves the loan to be repaid.
At present, on retirement, they will be forced to buy an annuity and sell their house. If the law is changed, the money can be used to keep the roof over their heads.
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