The Scottish National Party (SNP) has pledged to scrap the Lifetime ISA (LISA) and maintain the triple lock in its 2017 general election manifesto.
The party described the LISA, which has only been available for purchase since April, as a “Tory gimmick” and argued it could “disincentivise other forms of retirement savings that offer a greater return“.
Alongside Labour, the Liberal Democrats and Plaid Cymru, it also pledged to maintain the basic state pension triple lock, which ensures the government increases the state pension each year by the higher of growth in average earnings, the Consumer Price Index or 2.5%.
The SNP’s manifesto was launched by First Minister of Scotland and party leader Nicola Sturgeon on Tuesday.
The party opposed plans to increase the state pension age beyond 66, calling instead for the establishment of an independent savings and pension commission to ensure pensions and savings policies are “fit for purpose”.
It said the remit of the commission should include “consideration of the specific demographic needs of different parts of the UK in relation to state pension age.”
The party said it would call on the UK government to take steps to extend auto-enrolment so a greater number of low paid and self-employed workers would be included.
Additionally, the SNP said it would continue to support the WASPI campaign.
£1.7bn to social care
The party’s pre-election promises included an additional £1.7bn to be invested in Scotland’s health and social care partnerships over a Scottish Parliament term.
On tax, the SNP said it would oppose any proposed increases on VAT or national insurance and support an increase in the additional rate from 45p to 50p across the UK from 2018/19.
The manifesto also outlined plans for a second independence referendum, once the final terms of the Brexit deal are known.
It said: “At the end of the Brexit process, when the final terms of the deal are known, it is right that Scotland should have a choice about our future. Brexit must not simply be imposed on Scotland – no matter how damaging it turns out to be.”
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