Citizen Jake
Registered User
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Hi guys, This is a passage from an article in the business section of today's (16/505) Indo:
"One of the pension options which needs to be examined is providing tax incentives for a portion of SSIA or pension contributions to be assigned as a 'deposit' for a mortgage.
Currently, 25pc of a pension fund can be taken as a tax-free lump sum at retirement. If young workers knew they could assign that 25pc portion for the purpose of raising a mortgage, pensions might become more popular with those in their twenties and thirties.
Any failure to repay the mortgage could be made up by a State pension guarantee scheme funded by a strict ceiling on tax-free contributions by the country's top executives. "
I've been paying into an Ark Life pension since I was 21. The total fund is worth right now between 15k and 20k. I put around e300 a month in and am now 32 and earn 45k per annum. I haven't yet bought a house and have around 5k in the bank and am saving constantly to boost this so I could perhaps buy in a year or two's time. Referring to the above, is there such a scheme in existence that would enable me to offset some of my pension savings/contributions towards securing a mortgage or am I living in coockoo land?
Jake
"One of the pension options which needs to be examined is providing tax incentives for a portion of SSIA or pension contributions to be assigned as a 'deposit' for a mortgage.
Currently, 25pc of a pension fund can be taken as a tax-free lump sum at retirement. If young workers knew they could assign that 25pc portion for the purpose of raising a mortgage, pensions might become more popular with those in their twenties and thirties.
Any failure to repay the mortgage could be made up by a State pension guarantee scheme funded by a strict ceiling on tax-free contributions by the country's top executives. "
I've been paying into an Ark Life pension since I was 21. The total fund is worth right now between 15k and 20k. I put around e300 a month in and am now 32 and earn 45k per annum. I haven't yet bought a house and have around 5k in the bank and am saving constantly to boost this so I could perhaps buy in a year or two's time. Referring to the above, is there such a scheme in existence that would enable me to offset some of my pension savings/contributions towards securing a mortgage or am I living in coockoo land?
Jake