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The new Lifetime ISA could be used for “other specific life events” apart from buying a first home and for retirement.

The Lifetime ISA has been attacked as a ‘gimmick’ and a ‘competitor’ to pensions - less than two hours after it was revealed.

Nearly a fifth of consumers may be planning to withdraw cash from pensions to drip-feed it into an ISA once they turn 55, according to new data.

A new pensions body is to be created as a part of a shake up that includes creating a ‘slimmer’ Money Advice Service.

Pension holders should be able take out a small amount from their pot to pay for pre-retirement advice, a major review has proposed.

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