A report from the Work and Pensions Select Committee on auto-enrolment (AE) expresses concerns the Lifetime ISA (LISA) could encourage young savers to opt out of AE schemes and be detrimental to their pension savings. Advisers and experts in the field believe this concern is, however, misplaced.
The results of the committee's investigation had been extended following the release of the LISA, to allow time to for the industry to digest the news and consider how it might affect auto-enrolment and the wider pension strategy. The report itself raises a number of concerns around how the solutions might interact - not least because public information on whether the LISA is a pensions product has been conflicting. The committee has, for example, said the LISA is "not a part of the pension system but an additional flexible savings product that can complement pension savings" while th...
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