Contrarian Investor: The pros and cons of the 'Lifetime ISA' plan

The pros and cons of the ‘Lifetime ISA’ plan

August is usually a fairly boring month for opinionated contrarians such as myself but, over the past few weeks, there has been a flurry of papers and surveys that collectively give us a hint of how the long-term savings market may evolve.

Perhaps the most important thinking has been done by the inestimable Michael Johnson at the Centre for Policy Studies. Johnson is part of that growing body of opinion that argues against a false divide between technical pensions and user-friendly ISAs. Johnson would, I am sure, agree with my core contention we have somehow inherited an impossibly complex savings incentive system. This complexity has bound investors in intricate rules which have had the net effect of discouraging long-term savings, except in houses or among the well to do. Pensions simplification will help, but in prac...