EXCLUSIVE: Eli Lilly is to introduce a corporate individual savings account (Isa) to its flexible benefits plan to help its 1,500 UK staff take advantage of tax-efficient ways to save.
The corporate Isa, provided by Legal and General, will be launched in April to coincide with the new tax year. It was trailed in communications to staff at the end of last year in the run-up to Eli Lilly’s flex enrolment period in December.
Julie Osman, director of pensions and benefits at Eli Lilly, said: “We included it in newsletters and roadshows.”
The pharmaceutical firm will open a second flex enrolment period in March to allow staff to take up the corporate Isa and make changes to their retirement savings ahead of the new tax year.
The corporate Isa is the latest step in Eli Lilly’s focus on financial education. For the past two years, it has provided workshops on savings and debt management from Origen Financial Services.
It has also added holiday trading, enabling staff to buy or sell up to five days’ holiday, and travel insurance to its flex plan, which staff could select in the December 2011 enrolment window.
Read also the Retirement Savings supplement 2011
Read more about corporate Isas