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LibDems in pledge to boost Isas and scrap stakeholder

The savings limits on Isas could be increased and stakeholder replaced by a Liberal Democrat Government, the party said this week as part of its alternative Budget.

It would replace stakeholder with its own proposal, the owned second pension account, a compulsory scheme invested privately which it hopes would increase the money saved in pensions.

The LibDems would also conduct a wide-ranging review of savings policy which could raise the ceiling on Isas, acc-ording to the party&#39s Treasury spokesman Matthew Taylor.

The Ospa would get some degree of LibDem Government support although specific amounts would be discussed at a later date.

The LibDems says employers would no longer be forced to offer access to a pension, as under the rules of stakeholder schemes.

The pension credit would be scrapped and the money would be used to raise the basic state pension, with single pensioners getting an additional £5 a week, £10 a week for the over 75s and £15 a week for the over 80s.

The LibDems say the £12,000 savings ceiling on receiving the minimum income guarantee would be rai-sed significantly, allowing the Government to provide support to more pensioners.

Taylor says: “When people say they cannot afford to save, the answer is they cannot afford not to save. The fact is that the basic state pension does not provide an adequate income level.”

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