The Pensions and Lifetime Savings Association has today commented on the Budget 2016.
Joanne Segars, Chief Executive, Pensions and Lifetime Savings Association, said:
“The Chancellor's decision to make no changes to pension tax relief is the right one. We are pleased the Chancellor has listened and recognised that huge changes to pension tax relief will not act as an incentive to save.
“The introduction of a Lifetime ISA is an interesting initiative to help younger people add to their pension and lifetime savings. We look forward to working with the Government to help make sure that the Lifetime ISA does help younger people build up their savings. An important part of this will be to make sure that savers’ interests are protected by ensuring that the regulation on charges and governance of the Lifetime ISA are comparable to those for pensions, which have been reviewed to make sure they offer savers good value.
“The Government has extended the way in which people will be able to save for their retirement and should use this opportunity to agree a new consensus for pensions that focuses on the long-term, builds confidence and gives both savers and employers clarity and stability. We call on the Chancellor to create a new independent retirement savings commission to tackle that challenge."