Have your say on government e-petitions

Permanently reduce the Lifetime ISA (LISA) withdrawal penalty from 25% to 20%.

Submitted by Nathan Long on Monday 18th January 2021

Published on Monday 25th January 2021

Current status: Open

Open until: Sunday 25th July 2021

Current Signatures: 17,492
(count is updated approximately hourly)

Relevant Departments

Tagged with

Access ~ concerns ~ design ~ Government ~ It ~ Lisa ~ Outlook ~ Penalty ~ Permanently ~ remain ~ The Government

Petition Action

Permanently reduce the Lifetime ISA (LISA) withdrawal penalty from 25% to 20%.

Petition Details

The LISA savings product is designed to encourage people to save for the future by offering a government bonus. Those who withdraw early lose the bonus and pay an additional penalty of 6.25%. This penalty unfairly penalises people who need to be able to access their savings unexpectedly.

Additional Information

It's likely the economic outlook will remain uncertain for many years to come. Permanently reducing the penalty now would give people confidence to save and invest for the future when they may have some concerns about their employment. If changing personal circumstances result in unplanned access to their LISA savings, savers would only incur the loss of the Government bonus and no further penalty.

If you want to sign this petition (as opposed to merely discuss it), you need to do that on the government's e-Petitions website.

Sign this petition
at petition.parliament.uk

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repetition.me is a Good Stuff website Wed, 03 Mar 2021 07:45:14 +0000