Debt and Pensions Advice

Part of the debate – in the House of Lords at 3:04 pm on 15 October 2007.

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Photo of Lord McKenzie of Luton Lord McKenzie of Luton Parliamentary Under-Secretary, Department for Work and Pensions, Parliamentary Under-Secretary (Department for Work and Pensions) (also in the Department for Communities and Local Government) 3:04, 15 October 2007

My Lords, I think that the debate we had around lifetime savings accounts was connected with the taxation treatment; in particular, the desire for some to parcel and use the pensions system to avoid or mitigate inheritance tax. So far as advice is concerned, we have through the personal accounts encouraged, and will continue to encourage, investment in pensions. The Government have done a lot, for example, through ISAs; something like 17 million households are currently saving through ISAs