L&G enhances corporate platform
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Legal and General is launching an employer-financed retirement benefit scheme on its corporate platform.
The WorkSave platform, which currently offers employees a group Sipp and from March a group regular contribution Isa, will be adding the EFRBS for high-net worth employees.
L&G says it will also offer a cash Isa to compliment its group Sipp, though a launch date has not yet been set.
The benefit scheme will be targeted at high-net worth employees as a way of increasing their pension fund without being subject to a tax charge on the contributions.
Managing director of workplace savings Tony Filbin says: “The real questions now for high earners is how will they be impacted by the anti-forestalling legislation. The employee will not be hit in the same way in terms of contributions as if they would be through ordinary pension provision. This is a potential solution for high earners. We are looking at adding other product wrappers on there to help them.”
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