Equiniti Group has introduced a workplace stocks and shares individual savings account (Isa).
The product enables organisations to offer employees a regular savings vehicle via payroll deduction. Employees will also be able to make one-off or additional regular debit payments to the Isa, and employers will have the option to contribute to an employee’s Isa.
The Isa includes:
- Wide investment choice – employees can choose to invest in a range of shares, funds, gilts and bonds.
- Regular investment – employees can buy shares from £1.75 commission.
- Shares from maturing sharesave and share incentive plans (Sips) to be held in a tax- efficient wrapper.
- Low annual management fee.
Mark Taylor, director of investment services at Equiniti, said: “The workplace stocks and shares Isa offers employees another vehicle to save directly from their salary.
“Our goal is to give employers and their employees choices to fund their general and pre-retirement savings.
“Furthermore, it can reduce the administration for employees and employers, while providing a low-cost and tax-efficient way of saving.”
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