Lifetime ISA an 'attack on pensions', AMPS warns

LISA, announced in Chancellor George Osborne's Budget in March, will allow 18 to 40-year-olds save up to £4,000 a year tax-free from next April. They can then benefit from a 25% top-up by the government if the money is used to buy a home or for retirement. However, 87% of AMPS members agreed with industry concerns that employees will opt out of contributing to pension pots in favour of LISA, and that this is a "back door" change to the UK pensions taxation system.Chairman Neil MacGillivray said the industry is concerned that lower-income earners will be less likely to save through a pens...