Legal & General’s regular contribution ’WorkSave Isa’ has come on stream for the new tax year, with a number of employers now offering the arrangement to their staff.
The provider says it expects several million employees to be offered a regular company Isa, which it calls a ’Cisa’, as big employers come on board.L&G has offered a company Isa accepting single premiums since late last year to complement its group Sipp. The provider says the extension of Cisa to accept regular savings through payroll deduction means savings needs across all employee groups can now be catered for, allowing integration with a pension plan and other forms of savings remuneration such as Share Incentive Plans or SAYE.
Main features of the regular contribution Isa are regular contributions via payroll, the ability for employees to make additional contributions at any time, a range of 10 governed funds and the ability to transfer share maturities into either or both of the Isa or Sipp. All functionality is supported by one dedicated servicing area on one IT platform, says L&G.
L&G managing director of workplace savings, Tony Filbin says; “The rise of group Sipp and Cisa is increasing the need for corporate wrap and benefits platforms. The workplace savings concept, with a more holistic approach to employee long-term savings benefits is ideally suited to the platform approach. With many providers still in the development phase the Legal & General WorkSave platform is emerging as a clear leader in this sector.
“WorkSave offers complete flexibility in its deployment for a corporate client. It can be linked to an existing employee benefit portal or an employer’s intranet as a complete workplace savings solution. Equally however, elements of the WorkSave functionality can be applied separately if required.”