Submitted by Ryan Compton on Thursday 20th August 2020
Published on Wednesday 17th March 2021
Current status: Closed
Closed: Friday 17th September 2021
Signatures: 91
Relevant Departments
Tagged with
design ~ Individuals ~ Life chances ~ Lisa ~ Money ~ Penalties ~ Penalty ~ Reasonable ~ Saving ~ Universal ~ Universal Credit ~ Universities
Exclude Lifetime ISA (LISA) savings from the Universal Credit savings limit.
The LISA is designed to help people save for a home or retirement. LISA savings are considered within the UC savings allowance. This means that future prospects of UC claimants are disadvantaged. Eliminating LISA savings from UC saving allowance will improve life chances for UC claimants.
The LISA is designed so individuals can only withdraw money for the purpose of purchasing a home or supporting retirement. A penalty is applied if money is withdrawn for any other reason. UC claimants are disadvantaged because LISAs are considered when assessing savings. This impacts on the future of UC claimants and reduces the chances of them getting on the housing ladder and saving for retirement. UC claimants may have no other options and are significantly disadvantaged.
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