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Lifetime Savings Scheme

Volume 447: debated on Monday 19 June 2006

To ask the Chancellor of the Exchequer if he will consider the merits of a lifetime savings scheme for all individuals which would start with an element of child benefit and develop with significant tax benefits later in working life. (78450)

The Government seek to promote saving and asset ownership for all, from childhood, through working life and into retirement. In keeping with this lifecycle approach, the Government aim to support:

saving for children, through the Child Trust Fund, which promotes saving and financial education and will ensure that in future all children have a financial asset at age 18;

saving throughout working life, through individual savings accounts, which provide accessible, tax-free savings; and

saving for retirement, in particular through pensions tax relief.

In addition, through the Saving Gateway, the Government are exploring the use of matching to promote saving among those that do not usually save.