I have been campaigning for a couple of years for some of the huge swathes of money tied up in pensions to be invested in affordable housing.
But I have always been told that it is illegal for pension funds to invest in homes.
Contrast this with commercial property - the investment proposed for the Westgate redevelopment in Oxford, all funded by a single pension fund, would be enough to build 2,000 affordable homes.
Which would we rather have?
I have been lobbying our MP and he is sympathetic to the idea, but he has now sent a letter asking me to find out the exact law that prevents it, so he can look into getting it changed.
I am not an expert on Trustee Investment Law.
If, among your readers, there is someone willing to help identify this law, and join me in campaigning for a change that could release tens of millions of pounds for affordable housing in the city and county, perhaps they could get in touch.
At the same time, it has the potential to make our pensions more sustainable -- putting money back into the local economies of the people who pay into the pension fund.
JOCK COATS
3a Morrell Hall
Oxford
OX3 0TU
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