My wife and I each have a stupid amount of money tied up in personal pension plans which we paid into many years ago when we were both employed.
It’s sat there doing nothing and if it were used to buy an annuity, we’d get nothing helpful by way of income.
Have the recent budget changes given us a way of withdrawing it and using it to buy property with? That was my first thought whilst watching the budget on Wednesday, and I’m sure others will be thinking the same about their pensions.
So will the recent budget changes encourage even more buy to let property purchases? Probably.
Surely it will occur to a lot of people that their money is better spent on property than left to fester in a pension pot, with the best they can hope for being a derisory annuity?
This reminds me of the Gordon Brown days when it was rumoured that residential buy to let property was to be allowed into pensions, but it never happened. This looks like a similar plan, but without being flagged up as such.