EXCLUSIVE: Most employers (78%) do not currently offer a Lifetime individual savings account (Lisa), according to research by Employee Benefits and Barnett Waddingham.
The report, Employee Benefits/Barnett Waddingham pensions research 2018, which was published in December 2018 and gathered 246 responses, fount that only 3% of organisations offer employees a Lisa, although a further 6% plan to.
Interestingly, of those who do currently offer Lisas, four in five (80%) believe staff will treat it as an additional savings vehicle, while 60% feel that employees will see it as an alternative to pension savings.
Although 80% of respondents stated that it is too early to tell what impact the Lisa will have on pensions savings, and 60% feel that it may have no impact on staff, a further 60% see the Lisa as an indication that the UK is moving closer to a US model, in which, for example, employees are responsible for arranging savings, and employers make contributions to their personal savings plans.
Download the full Employee Benefits/Barnett Waddingham pensions research 2018 report