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November 22, 2023

Following the Chancellor’s Autumn Statement, The Investing and Saving Alliance (TISA), the consumer-focused financial services alliance, welcomes the reforms in line with TISA’s proposals aim to streamline the ISA and pensions landscape.

In particular, TISA welcomes the announcements that:

  • The Government will allow multiple subscriptions to ISAs of the same type every year from April 2024, (within the annual savings limit), as well as allowing partial transfers of ISA funds in-year between providers, providing greater flexibility;
  • Certain fractional shares contracts will be eligible ISA investments, ensuring clarity and ease for investors, as well as expanding the number of retail investors able to benefit from the potential growth of higher value shares through a tax efficient vehicle;
  • Long-Term Asset Funds (LTAFs) and open-ended property funds with extended notice periods to be permitted investments in the Innovative Finance ISA;
  • The account opening age will be harmonised for any adult ISAs to 18 from April 2024
  • the Lifetime Allowance will be removed;
  • A new consultation will be launched on giving savers the legal right to have employers pay into existing pension pot if they so choose, meaning the option of one pension pot for life; and
  • Proposals placing duties on occupational pensions trustees to offer decumulation services and products at an appropriate quality and price when savers access their pension assets.

Lisa Laybourn, Director of Technical Policy and Risk at TISA, said: “Our recommendations over recent years focussed on addressing the limitations and complexities within the system, fostering an environment where investing is more accessible and rewarding for all. This package of measures from the government has considered many of these asks, making it more accessible, flexible, and advantageous for all savers, especially those planning for retirement and self-employed people. These changes align with TISA’s longstanding commitment to empowering individuals to achieve their financial goals efficiently”.