Norwich Union said yesterday that it is the first company in Ireland to introduce a staff sharesave scheme following on from the new provisions in the Finance Act, 1999.

The scheme allows staff to save a regular amount from after-tax salary over a three or five-year period, at the end of which they may use the savings and a tax-free bonus to purchase shares in Norwich Union plc.

The shares are to be offered at a discount of 20 per cent off the share price at the beginning of the savings period.