1. Scrap the Lifetime ISA
“The Lifetime ISA could be a useful extra option for would-be homeowners and retirement savers – particularly those who are basic-rate taxpayers and the self-employed.
“However, the product also has powerful enemies - most notably Baroness Ros Altmann in the House of Lords – who argue it risks undermining automatic enrolment. Furthermore, several major providers have said they won’t be ready to launch in April next year.
“The Chancellor will not want a failed product that was conceived by his predecessor to become a millstone around his neck. He could conceivably scrap the Lifetime ISA and roll the Help-to-Buy Government bonus into the existing ISA product.
“In fact we’d like to see him go further and unwind the slightly tangled cord of ISA variations we have ended up with. The Chancellor could scrap all six of the current ISA brands, including the Lifetime ISA and move forward with one ISA product, with a Help-to-Buy Government bonus on the first £4,000 of savings.
“We are planning to be ready to launch the Lifetime ISA features in April next year but we’d like to see that being part of the main ISA rules rather than a stand-alone product.”
2. Abandon plans to reform pension tax relief
“George Osborne’s pension revolution appears to have come to a shuddering halt following the Brexit vote. The ‘Strengthening the incentive to save’ consultation has closed and appears to have no clear direction or Government backing.
“It would be a refreshing change to see a Chancellor stop tinkering with the pension rules, formulate a long-term policy and tell the public that we are going to stick with that for at least 10 years. This would give people certainty that the rug will not be pulled from beneath them and over time would improve understanding of the benefits of pensions.
“It would be disappointing to see Hammond follow in the footsteps of his predecessor and make further reductions to the lifetime allowance or reduce the amount people can pay into pensions each year. Such incremental change just adds huge complexity to the pension system and ultimately puts people off saving for retirement.”
3. Ban pension cold calling
“This is looking increasingly likely and would be a great outcome for pension savers. A petition calling for the ban, which we wholeheartedly support, has now attracted over 5,000 signatures.
“The pension freedoms brought welcome flexibility to the retirement market, but they also opened up an opportunity for scammers to target pensioners. The Government has faced mounting pressure from the industry, consumer groups and MPs to take firm action to tackle pension fraudsters and it now, finally, appears to be taking the issue seriously.
“A Government representative has confirmed there “will be an announcement in a few weeks’ time” on the issue, paving the way for the Chancellor to use the Autumn Statement to show he is truly on the side of savers by banning cold-calling for pensions.
“History would reflect poorly on a Government that introduced freedom and choice in pensions and failed to do all in its power to protect savers.”
The petitio can be found here: https://petition.parliament.uk/petitions/166980