Fidelity International has launched a new lifetime Isa available to members of its workplace pension scheme.
The Fidelity Lisa will be available to clients through Fidelity’s Invest@Work programme, which allows members to save into various personal investing accounts in addition to their pension. Invest@Work allows members to contribute to personal investing accounts through their salary and gives them access to a variety of coaching tools to help them with their overall financial planning.
The launch is the latest addition to Fidelity Workplace Investing’s suite of solutions designed to help members manage their personal money.
According to Fidelity’s Global Sentiment Survey, 86 per cent of adults aged 20-29 consider buying a home a life ambition. Fidelity’s LISA will allow members aged 18-39 to save and invest up to £4,000 per tax year towards a first house or retirement, with the government matching 25 per cent of their savings. This implies that members might receive £1,000 in free cash each year and earn tax-free interest on their savings.
Fidelity has also redesigned its PlanViewer tool, which now allows members to view their pensions and investments in one place.
Fidelity International head of workplace distribution Dan Smith says: “Workplace pensions are just one part of the picture when it comes to members’ personal finances and life goals. We are seeing more and more clients redesigning their benefit packages to provide their members with greater choices. The Fidelity LISA is an important addition to our range of investment options that give members the flexibility they need to achieve their financial ambitions. In particular, it will help members save towards their first home or retirement while benefiting from the Government’s top-up scheme.
“Our aim is to provide a range of services and guidance for clients and members so that they can take control of their finances in a simple and straightforward manner. Giving them the ability to save towards their futures through their payroll while keeping track of their pensions and other investments means members have a complete view of their finances, all at the touch of a button.”