Government’s Saving Gateway poised to deliver new savings incentive for millions
Government’s Saving Gateway poised to deliver new savings incentive for millions
TISA applauds the Government’s announcement today that it will create a new kind of savings scheme targeted at low and moderate earners, who are often least able to save. TISA has called for this and we appreciate the Government’s responsiveness to the pressing need to introduce this innovative Government savings scheme.
The Saving Gateway will attract Government matching for savings over the duration of individuals’ participation in the scheme. This has the potential to introduce up to 8 million people into mainstream savings in the UK who otherwise might not make thrift a priority.
TISA looks forward to working closely with the Government to ensure that this scheme is a success. Key indicators of success include:
- A popular, easy-to-understand scheme with high levels of consumer uptake
- Enthusiastic reception by the financial services industry and the voluntary sector
- Integration and consistency with existing schemes, and ensuring that the Saving Gateway becomes an ISA upon maturity thus keeping these new savings within a tax-incentivised environment.
- Easy administration for Government, individuals and the industry.
TISA Director-General, Tony Vine-Lott said,
‘We are extremely pleased that the Government has pushed forward with the Saving Gateway after exhaustive trials demonstrated the merit of this scheme. We believe that it is in everyone’s interest to encourage more savings by more people across the UK. We believe that the Saving Gateway has a very important role to play in building a fairer society and improving financial engagement. We look forward to working with HM Treasury and HMRC on the detail of this scheme.’
NOTES TO EDITORS: TISA is the trade association for the retail financial services sector. TISA works to improve tax incentivised savings schemes and promotion of savings in the UK. TISA works closely with industry, parliamentarians, HM Treasury, HM Revenue & Customs and the Financial Services Authority to enhance and improve the range, features, benefits, promotion and quality of savings schemes available to all savers in the UK. These include Individual Savings Accounts, Child Trust Funds, personal pensions, employer-based schemes, and other consumer-centric, Government savings schemes and savings initiatives.
For more information visit www.tisa.uk.com or email enquiries@tisa.uk.com
For more information, please contact: Jacob Coy, Cicero Consulting +44 7900 392 531 or jacob.coy@cicero-europe.com
Tony Vine-Lott, Director General of TISA +44 1372 374 728 or 0790 006 108 or tony.vinelott@tisa.uk.com