Raiding pension pots the latest harebrained solution to property crisis
Parties consider plan to allow buyers pull lump sum from pension funds to buy homes
Pension pot plan is political short-termism in its purest form and from the very same parties that want to autoenrol workers into pension schemes. Photograph: Ben Birchall/PA Wire
Developers can’t build homes at affordable rates. Our solution? Let buyers raid their pension pots to bridge the gap. This is one of the crazy, harebrained ideas being considered by Fianna Fáil, Fine Gael and the Greens as part of their programme for government.
The scheme would allow first-time buyers draw down a tax-free lump sum from their pension funds, possibly up to €20,000, to get over the hurdle of saving for a deposit at a time of record rents.