Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 24 May 2016 to Question 37150, what assessment he has made of the effect of new lifetime ISA on changes in the levels of pension savings amongst young people.

The new Lifetime ISA is an additional flexible savings product which will complement pensions to give savers greater freedom and choice to save for the long-term in a way that works for them.

With automatic enrolment set to help nine million with their pension, the Government remains committed to supporting people who save in different ways.

The Lifetime ISA supports the Government’s ambition to encourage a regular savings habit amongst young people and to create a culture of long-term saving.

The Lifetime ISA is a voluntary product. For further information on the costing of this policy, please see page 9 of the Budget 2015 Policy Costings document: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/508147/PU1912_Policy_Costings_FINAL3.pdf