TISA calls for national savings strategy

  • Story by: Jim Robinson
  • Magazine: InvestmentAdviser
  • Published Monday , September 29, 2008

The Tax Incentivised Savings Association has called on the government to create a national savings strategy to integrate saving throughout consumers' lives.

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Tony Vine-Lott, director general at Tisa, said the “stark reality” was that the savings ratio was at an all-time low and the fact must be addressed by both the industry and the government.

“By enabling the consumer to see how options for savings link together and by increasing the use of the Isa model, we have an opportunity to make a real difference very quickly,” he said.

In its pre-Budget submission to HM Treasury, Tisa highlighted five essential recommendations

One recommendation was the development of a “workplace Isa” with limited access to savings, similar to a Child Trust Fund - only for adults.

This, Tisa said, would be an attractive alternative to personal accounts for those disinclined to take up a pension.

Other recommendations pitched to the Treasury included the auto-enrolment into employer-based stakeholder pensions or workplace Isas “as soon as possible” and the transfer of Isa savings and investments to the surviving partner on the death of a spouse without leaving the Isa wrapper.

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