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ISA’s Beat Pension Schemes in Savings Battle

Employees who have opted to save via corporate ISA’s are doing so on a more regular basis and participating more actively in their schemes than those who have chosen corporate pension schemes. This is according to research by Equiniti, which shows that employees are on average managing three trades per year, adding up to £317.

On the other hand those who have pension schemes are adopting a far more passive approach, contributing less often and in smaller amounts.

Equiniti, a wealth management firm, added that although the amount of people contributing to ISA’s has risen, the average amount has remained quite consistent. This has meant that over the last 27 months there has been a rise in deposits of just one pound, moving from £99 per employee per month, to £100.

Director of investment services at Equiniti, Mark Taylor, has expressed the responsibility employers have to their staff in terms of informing them about different types of saving. He explains how although employers have “a duty of care, and shortly a legal duty” to offer pension schemes to staff, there are lessons that can be learnt about what employees want in terms of short to medium term savings plans too.

He added:” In the future we increasingly expect corporate ISA’s and corporate pensions to be standard employee benefits”

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