LISA0189

Written evidence submitted by Anonymous

1. Is the Lifetime ISA fit for purpose in its current design, including as a combined product for house purchase and pension saving?

Yes. 

2. How well do consumers transition between using the Lifetime ISA as a product for house purchase, to then a product for pension saving?

Unable to comment.

3. Given its policy purposes, is the Lifetime ISA value for money for the Government?

Yes.

4. Is the Lifetime ISA a suitable pension savings product?

Yes, if combined with another pension product.

5. Should the Lifetime ISA be abolished?

No. This is one of the few house buying incentives which doesn’t seem to have contributed to house price inflation. 

6. Should the Lifetime ISA be reformed to remove the withdrawal penalty?

Not removed but reduced to 20%.

7. Should the Lifetime ISA be restricted to those with no access to a workplace pension?

No 

8. Should the Lifetime ISA house price cap be raised in line with inflation, or removed?

Yes, increase with house price inflation. 

9. Should the annual Lifetime ISA limit be raised from £4,000?

Yes. These things should at least increase in line with inflation. 

10. Should the Lifetime ISA be reformed in any other way?

Unable to comment.

February 2025