Workplace Savings
Our saving solutions complement the workplace pension by including extra ways of saving and investing.
SPOTLIGHT ON:
High earners with restricted pension limits
You may have employees who are restricted by the Tapered Annual Allowance, which reduces the amount they can contribute to pensions to as low as £10,000 per tax year. For every £2 of Adjusted Income over £260,000, the allowance will be reduced by £1. Once Adjusted Income is over £360,000, the allowance stays at £10,000 – there is no further reduction. See our Tapered annual allowance factsheet for more information. Because of this, many high earners lose interest in pensions, relying on other investments to fund their retirement. You can help here. Cash in lieu that would normally be paid into salary could be frittered away. Instead, it could automatically be paid into an HL investment account, helping employees save for life after work. High earners can have complicated financial affairs. We can help you navigate the complex tax rules.
Saving at every life stage
Saving through payroll could help your employees make the most of any spare cash available. It’s also a solution to savings inertia. Unlike separate, individual accounts, workplace saving contributions come directly from employees’ salaries, making it easier for them to save what they need. Saving through payroll is ideal for:
Higher earners with restricted pension limits
Graduate trainees who need somewhere to save for a home
Young families who want to start building a nest egg for their children
What do we offer?
Stocks and Shares ISA
ISAs (Individual Savings Accounts) are one of the most popular and accessible ways to help your employees take advantage of generous tax breaks. Our Workplace ISA is an easy-to-manage Stocks and Shares ISA that lets employees invest money conveniently through payroll or lump sums. Money in a Stocks and Shares ISA is free from UK tax. And although investing is best for the long term, employees can withdraw their money whenever they need to. Each tax year (6 April to 5 April) there’s a limited amount of money you can put in ISAs. This tax year, the ISA allowance is £20,000. Tax rules for ISAs can change and benefits depend on employees’ circumstances.
Fund and Share Account
Our Workplace Fund and Share Account is a simple investment account with no payment limits. It’s aimed at those who have used their pension and ISA allowances but want to invest more. Employees get free live share prices on the HL app via our dealing service.
Make the most of Hargreaves Lansdown
Your employees can also make use of our other accounts.
Whatever their age or goals, your employees can choose the benefits that mean the most to them.
