Scottish Widows has launched a corporate individual savings account (Isa) on its workplace savings platform, Mymoneyworks, to increase choice and flexibility for employees looking for additional savings vehicles.
The corporate Isa consists of a self-select stocks and shares Isa, and self-select funds Isa, both provided by Halifax Share Dealing, part of the Lloyds Banking Group.
The corporate Isa can accept regular contributions via payroll deduction or individual direct debts, as well as additional contributions at any time.
It covers three key markets and many funds are available at discounted charges.
Experienced investors have access to 2,500 funds from over 110 managers through Cofunds fund supermarket and direct investment in UK and overseas stocks and shares.
There is a range of managed Foundation Funds for inexperienced investors, with discounted initial and annual management charges.
The Isa allows for the tax-efficient rollover of company shares from maturing sharesave and approved share incentive plans.
John Taylor, market director, corporate pensions at Scottish Widows, said: “Following the launch of Mymoneyworks in 2010, we have been looking at ways to allow employees to better plan their financial futures, as it is clear employees want to access other savings options in addition to pensions within the workplace.
“The addition of our corporate Isa strengthens our workplace savings offering as it combines the excellent financial education and guidance already provided by Mymoneyworks with Halifax Share Dealing’s expertise.”
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