Association of British Insurers and ex-pensions minister debate whether the Lifetime Isa is being used to trial the Pension Isa.
Exit charges have been removed for workplace pensions while the government’s new Lifetime Isa comes with a 5 per cent penalty.
Clients with constrained budgets would have chosen to allocate money to a pension instead of Isas.
Professor Sharon Collard says the industry needs to win over “hearts and minds” if it wants to encourage saving.
Investors rushed to put their money in Isas last month but that did not turn the tide of an annual sales slump.
Adviser says adding the Isa to an already complex retirement landscape would be a “nightmare”.
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