Madam, – In order to mitigate the effects of the current recession, could the Government not introduce legislation which would allow people with defined contribution pension schemes to use their pension entitlements immediately (instead of having to wait until retirement) to reduce their mortgages?
In this way some people currently subject to repossession proceedings may be able to keep their houses until retirement.
This would have the effect of relieving both them and the banks of a huge burden, and these families would retain ownership of their most important asset. – Yours, etc,