The Scottish National Party has pledged to call for an end of ‘Tory gimmicks’ such as the Lifetime ISA, which the party says ‘disincentives other forms of retirement saving with a greater return’.

In its manifesto for the upcoming general election the party also pledged to vote to protect the triple lock on the state pension and continue to support the Women Against State Pension Inequality campaign. It will also vote to oppose plans to increase the state pension age beyond 66.

The SNP has said it will call for an independent savings and pension commission, “to ensure pensions and savings policies are fit for purpose”.

“The remit of the commission should include consideration of the specific demographic needs of different parts of the UK in relation to state pension age,” the party said.

With regards to workplace pensions, the SNP has said it will call for the UK government to take steps to extend auto-enrolment, so that more low paid, and self-employed, workers can benefit from regular pension savings.

“We believe that saving for a pension is the best route to a stable retirement. The SNP will seek to ensure that regular, simple, and affordable saving schemes are offered to provide

for a secure income in retirement. SNP MPs will call for an end to Tory gimmicks like the Lifetime ISA, which can disincentives other forms of retirement savings that offer a greater return.”

In addition, it has said it will continue to demand full devolution of equality law to the Scottish Parliament and until that happens the party will seek equality law reforms to ensure same-sex couples have equal pension rights.

Commenting on the manifesto, The People’s Pension director of policy and marker engagement Darren Philp said: ‘‘Today’s manifesto commitment from the SNP to drop the Lifetime ISA is a welcome addition to the chorus of cross-party voices questioning the LISA’s ability to deliver good savings outcomes.

“Using the LISA to save for retirement opens savers to all the risks identified by the FCA, including typically low cash ISA interest rates. If the new Government is truly serious about developing a national savings culture, they would do well to take note of the growing consensus at Westminster and ensure that the LISA does not disrupt saving for retirement.’’

Share Story: