Marks and Spencer expands financial benefits package

Marks and Spencer rewards employees with an extra day of paid leaveRetailer Marks and Spencer has expanded its existing financial benefits package to help its 65,000 employees become more financially resilient.

Its new arrangement, provided by workplace savings firm Cushon, will give all employees access to a range of savings vehicles including an individual savings account (Isa), a lifetime Isa (Lisa), a junior Isa and a general investment account.

Employees will be able to make contributions through payroll starting from £10 a month, with the aim of ensuring the process of saving and investing is easy and accessible for everyone.  Employees have full flexibility to change their level of contribution via Cushon’s app whenever they wish, allowing them to save, set targets and keep track of their money as it grows.

Staff will also have access to a collection of risk-based ready-made portfolios that, with the use of Cushon’s algorithm, spread investments across a range of funds in order to help individuals achieve good projected outcomes.

Nicola Morgan, head of pensions and benefits at Marks and Spencer said: “We’re delighted and excited to be partnering with Cushon as part of the ongoing evolution of our financial wellness support to our colleagues.”