EXCLUSIVE: 75% are not planning to introduce a Lisa

lifetime individual savings account

Three-quarters of respondents (75%) are not planning to introduce the Lifetime individual savings account (Lisa) as a workplace savings tool, according to research by Employee Benefits and Nest.

This is a significant increase since 2016 when just a third of respondents (33%) said they would not introduce the Lisa, according to the Employee Benefits/Nest Pensions research 2017, which surveyed 254 employer respondents in September 2017.

The Lisa, which was launched in April 2017, is available to individuals aged 18-40 who will be able to save up to £4,000 a year into the savings vehicle until the age of 50. The government will contribute a 25% bonus when the savings are put towards a first home or are withdrawn as retirement income over the age of 60. When withdrawn for other purposes, the saver will forfeit the government bonus plus interest, and will also incur a charge.

Just 3% of respondents currently offer the Lisa to their employees, while 9% intend to so in future.

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