New legislation helping Benefits claimants to save
New national savings scheme for working age people in receipt of Income Support; Jobseekers Allowance; Incapacity Benefit; Employment & Support Allowance and certain Carer’s Allowance and Tax Credit claimants.
The Saving Gateway Accounts Act 2009 will introduce a new scheme, due to be launched in April 2010, so that eligible claimants who choose to open a Saving Gateway Account will be able to pay up to £25 a month into an account for up to 2 years, at which point the Government will make a contribution of 50 pence for each £1 saved.