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What’s better, a workplace pension or a Lifetime ISA?

Alistair Cunningham

For most people, a workplace pension where an employer offers a matching contribution is likely to be better. There are some ‘soft’ benefits of a Lifetime ISA (LISA), for example the availability of early access with penalties, but looking at the tax position, the options speak for themselves.

	LISA	Pension (BRT)	Pension(HRT)	Pension + Matching (BRT)	Pension + Matching (HRT)
Contribution	4000	4000	4000	4000	4000
Tax relief	1000	1000	2000	1000	2000
Employer matching				5000	6000
Tax free allowance (at 55)		1250	1500	2500	3000
Tax free allowance (at 60)	5000
Taxable assuming BRT in retirement		3000	3600	6000	7200
Total	5000	4250	5100	8500	10200

Key: BRT/HRT – basic or higher rate taxpayer; all figures / £

The nature of this analysis is simplified, so I have ignored growth and assumed that even a higher rate taxpayer will be a basic rate taxpayer in retirement; we find this is commonly the case but care should be taken not to take the general summary above to apply to your own situation.

Contact the Author

Alistair, a founding director of Wingate Financial Planning, specialises in complex client cases, particularly owner-managed businesses, pensions, and retirement planning. He is a member of the Wingate Investment Committee and a Chartered Financial Planner, Fellow of the Personal Finance Society, and member of STEP and the Chartered Institute of Taxation.