1. Introduction

In his speech on life chances on 11 January 2016 the Prime Minister set out the government’s intention to bring forward a new Help to Save scheme to encourage people on low incomes to build up a rainy day fund. Further details of the scheme were announced by the Prime Minister on 14 March, including the government’s intention to consult shortly after Budget on its framework for implementation and detailed policy design.

1.1 Policy Context

The government is committed to supporting people at all income levels and all stages of life to save, recognising the important role that savings can play in promoting aspiration and supporting households’ standards of living. Over recent years the government has introduced a range of reforms to promote saving and ensure that the right incentives and products are in place to meet savers’ needs. This includes major reforms to make the ISA system more generous and flexible, radical changes to the pensions system to provide people with more freedom and choice over how to access their retirement savings, and the introduction of the personal savings allowance, which removes 17 million people from tax on their savings.

The government also recognises the need for more targeted incentives to promote saving among particular groups. During the last Parliament the government helped over a million pensioners save through NS&I’s market leading 65+ guaranteed growth bond. At Budget 2016 the Chancellor announced that the government would introduce a new Lifetime ISA from April 2017 to encourage younger savers to put aside money for their first home purchase and for retirement.

Help to Save will target working families on the lowest incomes to help them build up their savings. The scheme will be open to 3.5 million adults in receipt of Universal Credit with minimum weekly household earnings equivalent to 16 hours at the National Living Wage, or those in receipt of Working Tax Credit. It will work by providing a 50% government bonus on up to £50 of monthly savings into a Help to Save account. The bonus will be paid after two years with an option to save for a further two years, meaning that people can save up to £2,400 and benefit from government bonuses worth up to £1,200. Savers will be able to use the funds in any way they wish. Help to Save accounts will be available no later than April 2018.

1.2 Aims of the consultation

This consultation invites interested parties to comment on the framework for implementation and detailed policy design of Help to Save. It reflects preliminary views and information gathered from high level consultation with stakeholders following the Prime Minister’s announcement in January.

This formal consultation provides an overview of the government’s proposals for how Help to Save accounts will work, sets out core principles for determining its approach to implementation, and considers options for the provision of accounts. It also seeks views on detailed policy design issues within the scheme parameters that have already been announced and options to promote awareness and take-up of the scheme.

Views are invited from a wide range of respondents, including potential account holders, other individuals, companies, and representative and professional bodies. Responses are also welcome from financial institutions and civil society organisations with an interest in the scheme, such as advice-giving institutions or bodies that promote financial inclusion or capability.

Section 2 sets out the main parameters of the scheme, including eligibility criteria, and provides an overview of how Help to Save accounts will work. Section 3 sets out the core principles that the government will use to determine its approach to implementing Help to Save. Section 4 sets out options for the administration and delivery of Help to Save accounts. Section 5 seeks respondents’ views on a number of detailed policy design issues. Section 6 seeks respondents’ views and evidence on ways to promote awareness and take-up of the scheme among the target population.

1.3 Responding to the consultation

This consultation will run for 8 weeks from 26 May to 21 July 2016.

Please email enquiries and consultation responses to the following email address, specifying in the subject line whether your email is an enquiry or a formal consultation response: HelptoSaveConsultation@hmtreasury.gsi.gov.uk

Alternatively, please address responses to:

Help to Save Consultation

Pensions and Savings Team

HM Treasury

1 Horse Guards Road

London

SW1A 2HQ



1.4 Next steps

Once this consultation has closed on 21 July 2016 the government will review all responses received. These will inform the government’s decision over how to proceed with implementing Help to Save, which will be set out in the government’s response to the consultation.

The next steps for engaging with financial providers and other interested parties after the consultation will depend on the preferred approach to implementation. The government will continue to work with interested parties in the run up to Help to Save accounts being available, no later than April 2018. The government will introduce legislation as necessary during the next session of Parliament to deliver Help to Save accounts.

2. Scheme parameters and account operation

2.1 Scheme parameters

The government has set the following parameters for the Help to Save scheme, which are not subject to consultation:

Eligibility: individuals will be eligible to open a Help to Save account if they are in receipt of Universal Credit with minimum household earnings equivalent to 16 hours at the National Living Wage or in receipt of Working Tax Credits. This is a potential eligible population of approximately 3.5 million people. Participation in the scheme will be entirely voluntary.

Government bonus: the government will provide a bonus on up to £50 of monthly savings. Individuals can save as frequently as they wish during the lifetime of their account, subject to the £50 monthly limit. The minimum deposit that an account holder can make will be £1 per transaction.

Account duration: accounts will run for two years from the point the account is opened, at which point savers will be able to access the government bonus they have earned. Individuals will then be given the option to save for a further two years under the scheme and benefit from another government bonus. This means savers will be able to build up a savings pot worth up to £3,600 (£2,400 in savings and £1,200 in government bonuses).

Withdrawals: Individuals will be able to withdraw the money they have saved (but not the government bonus) at any point during the period of the account. Withdrawals may affect the amount of bonus an individual will receive when the account matures, depending upon the detail of the bonus rules.

Availability: Help to Save will be open to new applicants for 5 years from the point it is launched. Expenditure rules: there will be no specified or required end use for the Help to Save funds. Section 5.3 covers the government’s proposed approach for Help to Save accounts to rollover into a default savings account.

2.2 Account operation

The role of operating and managing Help to Save accounts will sit primarily with the account provider, who will have day-to-day responsibility for running the accounts, ensuring that the scheme rules are met, and reporting information to the government administrator of the scheme. Subject to the final design of the scheme, this administrator will be responsible for confirming eligibility (using information on working tax credits and Universal Credit through information gateways with HM Revenue and Customs and the Department for Work and Pensions), ensuring compliance, and paying government bonuses. The government proposes that Help to Save accounts are delivered in line with the following processes:

Account opening: Individuals looking to open a Help to Save account will contact a provider. Eligible individuals will only be permitted to have one Help to Save account open at any time. In addition to standard regulatory checks (including compliance with ‘Know Your Customer’ rules), each applicant’s eligibility to open an account will be checked at account opening. Once an individual has opened a Help to Save account any changes in their circumstances during the lifetime of their account – for example, ceasing to be eligible for Universal Credit or Working Tax Credits – will not affect their entitlement to continue saving under the scheme, including for a second two year period. During the account period: Account holders can make deposits up to the monthly limit, as well as account withdrawals, at any time during the two year lifetime of the account. Providers should ensure savers are able to check their balance and amount of government bonus they have earned, for example by providing regular account statements. At two year maturity: at the end of the two year period, the provider calculates the amount of government bonus owed, submits a claim to the government administrator where appropriate and credits the sum to the saver. Account holders can then choose whether to continue saving under the scheme for a further two years. Account closure: Account holders can choose to close their Help to Save account at any time (but may forego any bonus accrued for the relevant two year period depending on the bonus rules). Providers should inform account holders that their account will end after two years, but that they can still choose to continue to save under the scheme for a further two years. Subject to the issues set out at section 5, providers will need to put in place processes to rollover Help to Save funds into a successor saving account unless otherwise instructed by the account holder.

3. Principles for assessing implementation options

The government understands the need to keep the operation of Help to Save accounts as simple as possible for account holders and account providers. At the same time, it is important that Help to Save’s operational framework ensures that the scheme effectively reaches the target population in a way that minimises the risk of fraud and error and allows the government to evaluate its effectiveness.

To determine the best approach to implementing Help to Save the government proposes to consider options against the following principles:

simple to understand: the account should be easy for savers to understand and access, so that Help to Save can be widely taken up by those eligible individuals who want to use the scheme cost-effective: administrative burdens associated with offering, administering and participating in the scheme should be kept to a minimum, consistent with effective operation of the scheme rules targeted: scheme rules and processes should enable compliance, minimise the risk of error and fraud, and ensure the scheme targets the eligible population effectively accessible: Help to Save is a national scheme. The government intends it to have broad coverage. Eligible individuals should be able to access the scheme regardless of their location in the UK or personal circumstances timely: the government has committed to launch Help to Save accounts by April 2018 at the latest to ensure that savers can start benefiting from the scheme as quickly as possible

4. Account provision

The government is considering a range of options for the provision of Help to Save accounts to determine an approach that best meets the principles set out in the previous section. This includes options to deliver accounts via either the private sector or public sector, and through a single or multiple provider model. The features and process described in this section reflect HM Treasury’s working assumptions and may be subject to further development in consultation with interested parties.

4.1 Option to deliver Help to Save through multiple private sector providers

One option is for financial providers such as banks, building societies and credit unions to be eligible to offer Help to Save accounts. Any Help to Save account provider will need the appropriate regulatory permissions to offer cash savings accounts, and will only be permitted to offer accounts if they have been approved for the purpose by the government administrator. Under a multiple provider approach the government administrator would be HMRC.

4.2 Requirements to provide accounts

Account providers will be responsible for opening and operating accounts in accordance with the Help to Save rules, and for paying bonus amounts to savers. Account providers will also have an important role to play in ensuring that the potential for fraud and error is minimised through their operation of the Help to Save account rules.

Providers will also be responsible for reporting information to the government administrator so appropriate compliance checks can be undertaken, and take up of the scheme can be monitored. The government accepts the need to keep information and reporting requirements to a minimum. While the detail of these requirements will depend upon the administrative and compliance processes for the scheme, it is anticipated that account providers’ information returns will need to include the following:

account opening: monthly details of new account openings (including each saver’s name and address, National Insurance Number and date of account opening/first deposit)

account monitoring: annual details of the total amount held in Help to Save accounts at that institution and the total amount of bonus earned

account closure: monthly details of accounts that have reached two or 4 year maturity together with a claim for the bonuses earned on these accounts. In addition, details will be required of any other Help to Save accounts closed during the month

Question 3: The government welcomes stakeholders’ views on the proposed information and reporting requirements under the multiple provider option.

Assessment of option to deliver accounts through multiple providers

Simple to understand

The government wants the scheme to be simple to understand so that as many eligible people as possible can participate if they choose to do so.

Multiple providers would offer individuals choice in relation to their account provider. For example, some savers may wish to open an account with a local provider or one that they already use for other services. Several providers marketing the scheme could also boost awareness and take-up of the scheme, and promote competition and innovation that benefits consumers.

However, realising these benefits depends on a sufficient number of account providers choosing to offer Help to Save accounts. Although it is expected that the vast majority of eligible people will already have a bank account (this is a requirement for Universal Credit claimants) there is evidence to suggest that the eligible population may be less likely to have accessed formal financial products than the UK population on average. Facing a choice over which provider to use may introduce an additional layer of decision making and complexity that could potentially put off some individuals from opening an account.

Cost-effective

The government wants a scheme that is cost-effective for account holders, providers and the government. It is envisaged that under a multiple provider approach, account providers will look to utilise existing infrastructure and capabilities as far as possible to keep implementation costs down. This includes, for instance, adapting systems designed for the operation of the Help to Buy: ISA and potentially systems under development for the delivery of the Lifetime ISA in April 2017.

Nonetheless, a multiple provider approach could lead to higher overall implementation and running costs across the scheme compared with single provider options. This is partly because a number of account providers would need to invest separately in their own infrastructure to deliver the scheme, and it will be necessary to consider features such as account transferability between providers. In turn, the government would need to invest more in its own Help to Save systems to check compliance across multiple providers.

Having multiple providers introduces potential greater information and transaction costs for eligible people who will need to choose which provider to use. The government proposes that a return (such as interest) should be paid on balances held in Help to Save accounts. This will further incentivise saving into the account, support customer choice and offset potential transaction costs faced by account holders. The government would welcome respondents’ views on this point.

Targeted

Experience of existing government savings schemes such as ISA, Junior ISA and Child Trust Fund suggests that a multiple provider approach should meet the principle that the scheme effectively targets the eligible population – in that it would ensure that eligible people who wish to access an account can do so. However, any scheme that offers a government subsidy may be at risk of fraud and error. These risks, including those around duplicate account opening, could be greater under a multiple provider approach, which may require greater compliance safeguards within the scheme.

Accessible

A multiple provider approach can meet this accessibility principle if a sufficient number of financial providers – including those with national coverage – choose to offer the scheme. This will help to widen access to the scheme and ensure that any eligible individual can open an account regardless of their location in the UK or personal circumstances. If too few providers choose to offer Help to Save accounts for the scheme to have national coverage then this principle will not have been met.

Multiple providers could also have the benefit of allowing individuals to access face-to-face support in branches (for example with account opening) rather than relying solely on online or telephone support offered by a single provider or an intermediary. This is particularly helpful given the nature of the target population who may have limited experience of formal savings products. The government recognises that allowing branch access could add to the costs faced by providers offering the scheme and would welcome views on this point, as well as possible options to limit these costs while ensuring that account holders receive appropriate support.

The government believes that within a multiple provider system, individuals would benefit from being able to transfer their Help to Save account from one provider to another, as is the case with ISAs. The alternative would be to lock customers into a single provider for up to 4 years, which would be very inflexible for account holders. However, the government recognises that account transferability could add to provider costs of accounts and would welcome views on this point.

Timely

The government is committed to launching Help to Save accounts as quickly as possible, and by April 2018 at the latest, so that eligible people can start benefiting from saving under the scheme.

Under any delivery option it will take time for the government to finalise the design of the scheme and put in place any legislation that is needed. The government will also need to implement new systems to operate the scheme. To meet the government’s timeline for implementation, close coordination will be required between government and providers developing and implementing new systems to deliver accounts. The government welcomes respondents’ views on the lead time required by multiple numbers of providers to develop the systems needed to deliver Help to Save accounts.

interest payments

branch access

account transfers

4.3 Options to deliver Help to Save accounts through a single provider

Another option would be for Help to Save accounts to be provided by a single provider. The government’s lead option, if a single provider approach is adopted, would be to deliver the scheme through National Savings and Investments (NS&I) as an in-house provider offering accounts. An alternative option would be to deliver Help to Save via a single, private sector provider procured through a competitive tendering exercise. Again, a single provider would be responsible for operating Help to Save accounts in line with the principles set out in section 3 and similar reporting requirements to those set out for multiple providers in section 4.2. These options would work as set out below.

In-house provider option

Under this option, the government would run Help to Save accounts through NS&I (an Executive Agency of HM Treasury). NS&I would have responsibility for managing the account opening process, processing transactions and delivering government bonuses, using its existing infrastructure and service capabilities. It would also be responsible for ensuring that scheme rules are met, including confirming identities of applicants and preventing duplicate account opening. NS&I would be able to confirm with a government administrator whether a person meets the eligibility requirements for an account.

If operated by NS&I prospective account holders would access and manage Help to Save accounts online and by phone. NS&I would act as the single point of contact for account registration and management. Single private sector provider option

This option would involve the government competitively tendering for a single, private sector provider with the infrastructure and capabilities to run Help to Save accounts. Customers would access the scheme through the account provider’s website, potentially via the Gov.UK.

Many of the delivery aspects of this option would be similar to the in house NS&I option. However, as would be the case under a multiple provider approach, a mechanism will be needed to enable a single private sector provider to claim the bonus from the government administrator. Any provider of Help to Save will need to have appropriate regulatory permission to offer and operate cash savings accounts.

Assessment of options to deliver Help to Save Accounts through a single provider

Simple to understand

This option provides a simple customer journey for prospective account holders who it is envisaged would be able to access the scheme through a single online portal to open and manage their account.

Individuals would not have any choice over which account provider to use. On the one hand, this could remove a layer of decision making complexity for account holders. However, this could also reduce an individual’s opportunity to choose a provider that best meets their preferences and fits their personal circumstances – such as a provider they already use for other financial services and are familiar with.

It is possible that an option where NS&I operate accounts could support take-up given its reputation as a trusted savings provider backed by the government.

Cost-effective

Any option to deliver Help to Save accounts through a single provider will require government funding for the operation of accounts. This is different to a multiple provider approach where the costs of operating accounts would be borne by providers that choose to offer Help to Save accounts.

These additional costs may, to some extent, be offset by lower administrative costs for the government. With a single provider, it is anticipated that the government systems needed to administer the scheme and ensure compliance would be less complex than those required with a multiple provider approach.

Targeted

The compliance processes required for a single provider model may be simpler and generate lower costs, reflecting the fact that responsibility for administering the scheme will sit with just two organisations (the government administrator and the account provider). For example, a single provider could avoid the need for more complex reporting and compliance systems that would be necessary to collect and reconcile account information across several providers.

NS&I are experienced in managing the risks of fraud and error in delivering government policies. A private sector provider must also meet compliance and reporting requirements in full.

Accessible

As a UK-wide provider, NS&I delivering Help to Save accounts would ensure that the scheme has national coverage so that all who are eligible can open an account, regardless of their location in the UK. A single, private sector provider must also meet this requirement.

However NS&I provision of Help to Save accounts would mean that customers could not access face-to-face support within local branches. A telephone service would be available for those unable to manage their account online and to deal with customer enquiries. This is a minimum requirement for a single private sector provider too.

Timely

A single provider approach may allow for tighter control over delivery timescales. In-house provision through NS&I could support the government’s objective to launch Help to Save accounts on a nationwide basis as quickly as possible, and by April 2018 at the latest. This option would enable the government to leverage existing NS&I capability and experience of delivering comparable schemes.

Competitively tendering for a private sector provider may, on the other hand, produce benefits such as greater value for money savings and access to more innovative solutions.

5. Detailed policy design issues

The core parameters of the scheme have been set and are detailed in section 2. Within these parameters there remain a number of account design issues. The best approach to address these issues will depend, in part, on the approach to implementation that is taken. The government would therefore welcome views on these detailed points of policy design.

5.1 Calculating the government bonus

Account holders will be able to withdraw all or part of their savings at any point during the lifetime of the account. This supports the Help to Save objective to ensure that people on low incomes have access to a rainy day cash savings pot for urgent or unforeseen costs. To encourage account holders to continue to save regularly into their Help to Save account, individuals will only be able to withdraw the government bonus they have earned at the end of two years. If an individual chooses to continue to save under the scheme for a further two years then they will receive a further bonus at the end of the follow-on two year period. The government bonus will be paid on the amount saved into the account (within the monthly £50 limit and not including any interest received).

Arrangements for the government bonus (such as when the bonus is paid and on what amount) should incentivise saving and must be simple enough to allow a saver to keep track of the bonus they have earned. The bonus rules should also not unnecessarily penalise individuals for making withdrawals. At the same time, the government wishes to ensure that its bonus arrangements limit the potential for recycling savings into the account. For example, allowing the bonus to accrue each month on deposits made would allow account holders to recycle the same £50 each month, but still receive a £600 bonus after two years.

A system that based the government bonus on the final balance held in the account would be very simple to operate, but could introduce an unwelcome disincentive to withdraw funds if the need arises. At the extreme, someone who needs to withdraw all their accrued savings from the account in in the final month to cover emergency costs would receive no bonus despite having participated fully in the scheme. Alternative approaches for structuring the bonus have been put forward. These include:

a. paying the bonus on the highest balance achieved (excluding interest): under this option an individual who has made a withdrawal would need to exceed their previous balance before they could start accruing additional bonus. This is similar to the system for Help to Buy: ISAs.

b. as a), with opportunity to re-deposit withdrawals: an issue with option a) is that it could take time for account holders to exceed their previous highest balance if they can only contribute £50 a month (and an individual may not be able to do so before the account matures). This option would allow individuals to replace amounts they have previously withdrawn, by exceeding the £50 monthly limit if they are in a position to do so.

c. paying the bonus on the average balance of the account: this option is closer to the way interest works with the bonus dependent on the amount of savings held in the account over its lifetime. This could benefit early deposits more than those made later in the lifetime of the account.

d. crystallising the government bonus every 6 months: this option would ‘bank’ the amount of bonus accrued in each 6 month period of the account. For example, someone who has saved £300 in the first 6 months will accrue £150 bonus entitlement. If they withdrew their £300 savings in month 7, they would still be entitled to this £150 bonus at the end of 2 years, despite the withdrawal.

In practice the case for pursuing different options will depend on how easily and cost-effectively they can be delivered, which may depend upon providers’ existing capabilities. The government would welcome stakeholders’ views on the various options for calculating the government bonus, including any options in addition to those set out above. In particular, it would welcome views from account providers on the relative merits of different options from an operational perspective; as well as views from those engaged with promoting financial inclusion and capability on the potential merits and downsides of each approach as a means of helping individuals to establish and maintain a savings habit.

5.2 Delivering second term Help to Save accounts

At the end of two years, account holders will be able to choose whether to continue to save under the scheme for another 2 years and receive a further government bonus worth up to £600. They will need to confirm this decision with their account provider.

The government is interested in stakeholders’ views on the best approach to deliver this aspect of the scheme. One approach would allow for an individual to continue to save with the same provider for a further two years using the same account. Another approach would see all Help to Save accounts close when they mature at two years. To continue to save for a further two years an individual would need to open a new Help to Save account with the same or a different provider, potentially with a short gap between accounts.

5.3 Successor accounts

It is expected that many account holders will want to continue saving after their Help to Save account matures. The government wishes to support account holders to do so as part of its efforts to promote a long term savings habit. As part of this, the government proposes that Help to Save accounts should, as a default option, rollover into a follow-on savings account on maturity (either after two years if the individual chooses not to continue saving under the scheme, or at 4 years). Like other savings accounts, the government anticipates that successor accounts will be interest-bearing.

However, if, on maturity of an account, the account holder wishes to withdraw their savings or ask for their funds to be rolled over to another account for which they are eligible, this should also be possible.

5.4 Permitting saving above the monthly limit

As mentioned above, the government would like to explore the feasibility of allowing account holders to make ‘catch up’ deposits to their account, in excess of the £50 monthly limit, if they have not been able to pay in the full £50 amount in every month their account has been open, or have previously made a withdrawal from their account.

5.5 Targeting non-savers

The Universal Credit system includes capital rules that restrict the amount of savings someone can hold and still be eligible to claim Universal Credit. Individuals cannot claim Universal Credit if they have household savings greater than £16,000. Those with savings in excess of £6,000 will see their Universal Credit award reduced by £1 per week for each £250 over this £6,000 limit.

As part of this consultation the government will consider options to introduce a cap on the amount of savings an individual can have when they apply to apply to open an account. For example, individuals with £2,000 already in savings may be made ineligible to open an account. This would support the targeting of the scheme on those who do not already have a rainy day fund. The government would welcome stakeholders’ views on this issue, including on the feasibility of introducing a savings limit that can be policed by providers at the point that eligibility is checked at account opening.

Question 6: The government welcomes stakeholders’ views on the detailed policy design issues set out in this section, including how best to: calculate the government bonus

deliver second term Help to Save accounts

ensure an appropriate rollover of funds to successor accounts

permit saving above the monthly limit

target eligibility on people who do not already have significant savings

6. Promoting awareness and take-up of Help to Save accounts

The government is keen to explore options to promote awareness of Help to Save accounts among the eligible population. Eligible individuals may also need support when considering whether to open and manage a Help to Save account, or future savings options after their account matures. The government is keen to ensure that the right support and guidance is available to support these decisions.

The government would also like to hear interested parties’ views on the approach to marketing and communicating the scheme, including any insights from behavioural science that might helpfully be applied.

6.1 The role of intermediaries

The government anticipates that intermediaries will play an important role in promoting awareness of the scheme and providing information and support to those deciding whether to open a Help to Save account. Organisations that come into regular contact with the eligible population may be well placed to deliver support and guidance or to promote awareness of the account. This includes social housing providers, charities and other organisations that provide advisory services (such as Citizens Advice Bureau networks), employers, and credit unions – as well as government services such as local Jobcentre Plus. The government will explore the potential role of intermediaries can play and welcomes views on this point, particularly from the organisations mentioned above.

6.2 Financial advice and guidance

The government is committed to ensuring that people are able to access the advice and guidance they need to make confident financial decisions. At the Budget, the Financial Advice Market Review (FAMR) published its final report, setting out a package of 28 recommendations to make financial advice more accessible and affordable for consumers. FAMR’s recommendations will be implemented between this summer and mid-2017, depending on the timetables for relevant European legislation. The existing recourse regime for financial advice, whereby customers can escalate disputes for resolution through the Financial Ombudsman Service (FOS), will not be affected by FAMR’s recommendations.

The government is also currently consulting on a proposal for the restructuring of public financial guidance. Following initial consultation, the government has already announced that the Money Advice Service will be replaced with a new money guidance body designed to better complement the financial guidance provided by the third sector and the industry; and to provide more targeted support for consumers. The government will consider how best for the new money guidance body, third sector organisations and account providers to work together to help raise awareness of Help to Save amongst eligible individuals.

6.3 Behavioural insights

The government wants to use evidence and insights from behavioural science to support the design and implementation of the scheme, with the objective of promoting understanding and take-up among the target population. Ensuring that the scheme is easy to understand and works in a way that reflects the way individuals make choices will be central to meeting this objective. In particular, the government would welcome stakeholders’ views on the best approach to:

i. Communicate the scheme clearly and simply ii. Promote awareness of the scheme iii. Support individuals choosing whether to open an account iv. Develop and embed a regular saving habit among account holders v. Support saving choices after an individual’s Help to Save account matures