Pensions have seen constant change, year upon year, for as long as most of us can remember.
The Lifetime ISA is due to launch next April, and the relevant legislation is currently making its way through Parliament. People below age 40 will be able to take out a LISA and save up to £4,000 a year, with the Government adding in a bonus of up to £1,000, until age 50.
People can withdraw funds charge-free, including the bonus element, to buy a first home up to the value of £450,000, at any time from 12 months after opening the account. Funds can also be withdrawn free of charges from age 60, or in cases of terminal ill-health. If funds are taken out at any other point the Government bonus is lost and an additional 5% charge is levied on the full value.
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