The government is consulting until 21 July 2016 on the detailed design of the ‘help to save’ scheme, which will be available to adults in receipt of universal credit or working tax credit from April 2018. The scheme will provide a 50% government bonus on up to £50 of monthly savings into a help to save account. The bonus will be paid after two years, with an option to save for a further two years. Areas for consultation include: whether to deliver accounts through multiple private sector providers, or a single provider such as National Savings and Investments; calculation of the bonus; second term and successor accounts; and making catch-up payments. The scheme will be introduced through the Lifetime Savings Bill. See www.bit.ly/1OZUsCk.
The government is consulting until 21 July 2016 on the detailed design of the ‘help to save’ scheme, which will be available to adults in receipt of universal credit or working tax credit from April 2018. The scheme will provide a 50% government bonus on up to £50 of monthly savings into a help to save account. The bonus will be paid after two years, with an option to save for a further two years. Areas for consultation include: whether to deliver accounts through multiple private sector providers, or a single provider such as National Savings and Investments; calculation of the bonus; second term and successor accounts; and making catch-up payments. The scheme will be introduced through the Lifetime Savings Bill. See www.bit.ly/1OZUsCk.
