The Rights of Savers Private Members Bill, put forward by Sir Malcolm Rifkind, and which included the introduction of a Savings and Retirement Account (SaRA), has finally been thrown out by the government.
First put forward in June last year, the Bill gained support from cross-party members, including MP Frank Field, and included the idea of a SaRA which planned to promote long-term saving by having a similar structure to an ISA but would operate under pension rules and regulations. The proposal would have the added flexibility of giving access to funds before the age of retirement and according to Rifkind, the account would have targeted low- to middle-income earners and young people who want to save for the future but also want to be prepared for any changes in their circumstances. Howev...
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