A pilot of the government's Savings Gateway scheme is being launched in four locations around the UK...
A pilot of the government's Savings Gateway scheme is being launched in four locations around the UK today to test interest in the low-earners pound for pound savings plan.
Under the scheme, an individual earning less than £11,000 per year or a household with children earning less than £15,000 per year can save up to £25 per month and see their assets matched by the Treasury.
This allows households to save a maximum of £375 over the 18-month trial period, once local community groups and housing authorities have assessed whether individuals are eligible to join the savings plan.
Halifax will provide the savings accounts for people living in Tower Hamlets in London, Gorton in East Manchester as well as selected areas in Cumbria and Cambridge.
While this scheme is unlikely to be of interest to IFAs because of the significantly low earnings of the individuals involved, it is likely to be another savings plan that advisers will need to know - as part of the Training and Competence regime - if the pilot is turned into a full-time savings scheme.
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