Money Marketing understands the product is expected to launch in the next month or so but Hargreaves would not comment on the plans.
The Tories have recently said that they are looking at introducing flexible lifetime savings accounts and workplace Isas for lower earners, perhaps as an alternative to personal accounts. Plans for a lifetime savings account were included in the last Tory manifesto in 2005.
Hargreaves Lansdown head of pensions research Tom McPhail says: “There is widespread interest in the industry in developing savings vehicles such as share plans, corporate Isas and flexible Sipps that would sit alongside personal accounts.”
Richard Jacobs Trustee and Pension Services director Richard Jacobs says: “Hargreaves has good connections with employers so it is a natural extension to their group Sipp. I can see it being as successful as the Standard Life Sipp.
“The execution-only administration works very well so to move into this market should be relatively effortless. I think a workplace Isa will be hugely successful. No one has done this before.”