Change tax-free pension rule for people in these years, Andy Burnham told
Prime Minister Andy Burnham is being told to put a tax-free pension rule in place in the upcoming Budget to help more people buy property. The government has invited various organisations and charities to make submissions about what they think should be included in the upcoming Budget on October 14, the first under Andy Burnham and new Chancellor John Healey. Various recommendations put forward to the government include abolishing Sunday Trading Laws and increasing the Warm Home Discount.
TL;DR
- The London Chamber of Commerce proposes allowing 18-28 year olds to use tax-free pension contributions for property deposits.
- The current pension system is seen as outdated for today's housing market, preventing young people from saving for deposits.
- Homeownership is suggested as a form of retirement security, and this change would prioritize building this asset first.
- The proposal states that employers' contributions would not incur additional costs.
- Other Budget recommendations include abolishing Sunday Trading Laws and increasing the Warm Home Discount.