Speeches by Glen.

“The point is that you could have a separate LISA product for pensions and for long-term savings, perfectly reasonably.”

“If we assume that the caps and the penalties are sorted out, we have seen substantial evidence that, as a saving vehicle for somebody wanting a deposit to buy their first home, it has proved to be a success. I want to just probe and get some clarity over what happens afterwards, because, Mr Byrnes, you have said that 7…”

“Let us take that as reasonable.”

“My colleague Mr Grady set out all the advantages and options in terms of pension saving, particularly with the tax advantage for higher-rate taxpayers, but also the way that the auto-enrolment has moved forward. The reality is that once you have bought property, if you have a 90% or 95% mortgage, a lot of your disposab…”

“Of course, I am not criticising you; I am just saying.”

“I understand that, but the specific point is that that is a cash-based product. If you are then going to switch to use it for savings for pensions, or as a complement to your auto-enrolled pension, can you switch from the cash-based thing to an equities-based savings vehicle—that is, the same one? Can you retain the be…”

“What I am trying to get at is that, if you want to fulfil that aspiration of the 79%, surely you must feel a responsibility for them to move over, notwithstanding the issues around advice, to get into the equities. Otherwise, it is not going to be the right product, probably, is it? For a 40-year-old to have cash only …”

“If we can fix that, we then get a viable transition, and the dual purpose that Mr Johnson and the first panel envisaged for this could be achieved.”

“What I am trying to get at is that, if you want to fulfil that aspiration of the 79%, surely you must feel a responsibility for them to move over, notwithstanding the issues around advice, to get into the equities. Otherwise, it is not going to be the right product, probably, is it? For a 40-year-old to have cash only …”

“I understand that, but the specific point is that that is a cash-based product. If you are then going to switch to use it for savings for pensions, or as a complement to your auto-enrolled pension, can you switch from the cash-based thing to an equities-based savings vehicle—that is, the same one? Can you retain the be…”

“Of course, I am not criticising you; I am just saying.”

“My colleague Mr Grady set out all the advantages and options in terms of pension saving, particularly with the tax advantage for higher-rate taxpayers, but also the way that the auto-enrolment has moved forward. The reality is that once you have bought property, if you have a 90% or 95% mortgage, a lot of your disposab…”

“Let us take that as reasonable.”

“If we assume that the caps and the penalties are sorted out, we have seen substantial evidence that, as a saving vehicle for somebody wanting a deposit to buy their first home, it has proved to be a success. I want to just probe and get some clarity over what happens afterwards, because, Mr Byrnes, you have said that 7…”

“The point is that you could have a separate LISA product for pensions and for long-term savings, perfectly reasonably.”

“If you had a separate LISA that was for pensions and had a different profile from the start around equities and not cash, it would be a perfectly proper alternative, would it not? The only thing that is really in play here is the issue of the legacy providers in the pensions industry that do not want to have this.”

“Where is the dividing line?”

“That is dead now, is it not?”

“I was very sympathetic to it, I must say.”

“Was it not, though? It was though, really, was it not? If this had reached its full extension as your 30-year vision would have had, everyone would have used this as the vehicle to save. They would not have been taxed on the exit. You then have a whole issue around how you advise people, particularly people who are not…”