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- Disadvantages of a Lifetime ISA (LISA) include123:
- Missing out on employer contributions if you choose LISA over a pension.
- Entitlement to certain means-tested state benefits could be affected.
- Investments can go down in value, resulting in less money than you put in.
- LISA is effectively locked in until age 60, with a 25% penalty for early withdrawal.
- LISA must be open for at least a year to use it for a first home.
- Transferring from Help to Buy ISA to LISA may have limitations.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.If you save into a Lifetime ISA instead of a pension, you could miss out on employer contributions, and your entitlement to certain means-tested state benefits could be affected. Investments can go down as well as up in value, so you could get back less than you put in.www.hl.co.uk/investment-services/lifetime-isa/what …The main issue with a LISA is that you’re effectively locked in – you either use the amount as a deposit for a first home or you leave it invested until you reach the age of 60. Withdrawing money before the age of 60 or using the money for something other than a first home, will result in a 25% penalty.ha-w.co.uk/the-pros-and-cons-of-a-lifetime-isa/But there are also three potential drawbacks to making the switch from your H2B ISA:
- A LISA has to be open at least a year to use it for a first home. ...
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