Member for George Town Central Kenneth Bryan says he is happy that his motion to make an amendment to the Pensions Bill was passed last week.
The motion was seeking to the increase withdrawal limits from private pensions. Government amended the motion which was originally seeking to allow withdrawals of $100,000 for the purpose of saving homes from foreclosures. They agreed to allow eligible individuals to be able to take up to $50,000 from their private pensions to help prevent foreclosures on their mortgages.
Couples are allowed to withdraw up to $100,000 for the same purpose. The passage of the motion now allows the discussion to proceed in the Legislative Assembly on changes to the law.
“Right now we are having a bit of crisis with regard to foreclosures. This may be the one little area that can help persons who find themselves in foreclosure, or threatening to be foreclosed on. If they have those monies in their private pensions they can withdraw up to $50,000 per person or if it’s a couple together, they can withdraw up to $100,000 to pay off their mortgage,” Mr. Bryan said.
Mr. Bryan said he will introduce more motions connected with foreclosures in the future, including the evaluation of properties and the balance of power between the homeowner and the lending agency.