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Lifetime ISA - special report

New market analysis conducted by the Social Market Foundation for Scottish Friendly calls on the Government to make changes to enhance the Lifetime ISA to make it fit for future savers and investors.


The Lifetime ISA is a tax-incentivised means for people under 40 to save for retirement and for buying a first home. For more information on the Lifetime ISA check out our guide here. Scottish Friendly’s report argues that the Lifetime ISA presents an opportunity to help address the UK’s current under-saving, to help young people achieve their life goals and long-term financial aspirations and puts forward recommendations to help enable the Lifetime ISA to be a valuable savings and investment plan. 


Among Scottish Friendly’s key recommendations are that the government should ensure that those who save through a Lifetime ISA are equally able to benefit from employer contributions as those who save through a pension and that the age restrictions should be removed, allowing savers and investors over the age of 40 to open a Lifetime ISA and continue to contribute past the age of 50. We also argue that the age at which Lifetime ISA savers and investors can access their money for retirement purposes should be equalised with the rules for accessing a pension.

Bringing Lifetime ISA into line with pensions

Scottish Friendly’s Commercial Director, Neil Lovatt, talks about one of the report’s key recommendations: allowing the Lifetime ISA to benefit from employer contributions.

Read the report

Read the full report – it contains a concise executive summary, useful background information on the Lifetime ISA, as well as full details on our research and recommendations.

Lifetime ISA - special report

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