Overview
- The Chancellor confirmed in her Budget that the scheme, previously due to end in 2027, will continue on a permanent basis.
- Treasury briefings outline an eligibility expansion from 2028 to parents and carers on Universal Credit, adding roughly 1.5 million potential savers.
- Eligible users can deposit up to £50 a month and receive bonuses of up to £1,200, paid after the second and fourth years.
- Officials say more than 500,000 people have already benefited, with HMRC reporting over £220 million paid out in bonuses.
- The planned widening targets Universal Credit claimants with children in education and carers providing at least 35 hours of care.