The Centre for Policy Studies has a report out today calling for the introduction of Workplace ISAs to complement the new Lifetime ISAs, and for both to be included in the auto-enrolment framework.
Equiniti’s Duncan Watson, Managing Director of Pension Data Solutions, commented:
“Until the interaction between auto-enrolment and the proposed Workplace and Lifetime ISAs is clarified concern will remain that these vehicles may funnel savings away from long-term retirement provision.
Early focus on debt repayment and easy access to funds will likely mean that fewer people save for their retirement at adequate levels. This is a natural concern given the widely acknowledged under provision issue we already have in the UK.”