CPP, the card protection company based in York, introduced a corporate Isa to its flexible benefit scheme last year as part of the annual renewal process.
Alanna Knighton, reward manager, says there were two reasons for this. “The new pension rules lowered
the lifetime cap for higher earners, so they were looking for alternative savings vehicles,” she explains. “We also wanted to get the younger workforce to think about saving because they are not necessarily interested
in a pension.”
Knighton adds: “We don’t have a massive take-up of the pension; only 29% of employees pay into it, and people are taking this as an alternative. Younger employees are saving into it for a house purchase or a holiday, and this helps them do it.”
The Isa was introduced alongside student loan repayments, which enables parents to help pay off student loans.
“We did roadshows, and our advisers Hargreaves Lansdown came along to offer information on different aspects of the Isa,” says Knighton. “The Isa also comes as part of a platform which has all sorts of tools and education for
employees."
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