Pensions continues to be the main vehicle for workplace saving however for an increasing number of employers one size doesn’t fit all and pensions are being supplemented by other savings arrangements such as Corporate ISAs. The proposed Lifetime ISA (LISA) will bring yet another dimension.
Examples of how workplace savings schemes can be used alongside the pension scheme include:
- For high earners who are restricted in pension saving due to the Lifetime Allowance or tapered Annual Allowance.
- For employees who have pressing short and medium term savings needs – as an example the LISA is designed to help under 40’s save towards housing deposits as well as retirement.
Whatever the objectives, workplace saving solutions can allow employees to mix and match to suit their needs.
We can help you design, implement, communicate and monitor workplace savings solutions.