Standard Life’s Workplace Savings Proposition

We care about your employees and their futures. Employees can feel overwhelmed when engaging with their finances and this can lead to a cycle of financial un-wellness.

We’re committed to ensuring we offer simple solutions to enhance financial confidence and understanding for employees.

That’s why we’ve launched Standard Life Workplace Savings Proposition in partnership with Cushon, providing access to a range of Workplace ISAs that aim to help employees better plan and save for their future.

Remember: the value of all investments can go down as well as up. Your employees may get back less than was paid in.

Key features and employee benefits

The Standard Life Workplace Savings Proposition in partnership with Cushon allows employees to focus on short, medium and long-term savings goals alongside their pension plan, and balance their different financial priorities.

Employees will enjoy a fully digital sign up journey and enter into a direct contractual relationship with Cushon.

Employees will get:

  • Access to a range of ISA products – employees have full access to a range of different ISA products, to suit their savings needs:
    • Stocks & Shares ISA
    • Lifetime ISA
    • Junior ISA
    • General Investment Account
  • Payroll integration – Employees pay into their ISA through payroll from as little as £10 a month, and can also make lump sum payments. This flexibility allows employees to save what they can afford in a way that works for them each month.
  • Investment options – Employees have access to ready-made portfolios as well as funds with environmental, social and governance (ESG) credentials and over 1,000 funds if they wish to pick their own.
  • ‘Pots’ savings – Employees can create individual ‘pots’ within their ISA, great for reaching different savings goals. ‘Pots’ allow employees to invest and save their money across a range of different fund and risk levels. Their money can be accessed at any time, without charges.
  • Savings all in one place – The ISA can be viewed in the Standard Life member dashboard and app. Employees can also access the ISA by single sign on from the Standard Life member dashboard or flexible benefits platform such as Lifelens.
  • Cushon support - Employees can manage their ISA at any time and on the go via the Cushon app. They’ll also have access to the Cushon member portal where they can find support material, guidance tools and educational webinars.
  • Discounted platform fees - Cushon apply a platform charge to investment pots set at 40bps of assets invested for employees; this includes a flat rate discount for corporate business compared to the retail rate. Cash savings pots carry no charge.

Employer benefits

The Workplace Savings Proposition offers many benefits to employers:

  • Seamless solution – Employees have access to a workplace ISA from an award-winning provider that integrates with your payroll and offers seamless integration with your flexible benefit platform.
  • Communications support – Standard Life and Cushon will work with you to understand your communications strategy requirements and will provide all supporting collateral as part of this, including developing pre-launch and launch communication plans.
  • Investment options – Employees have access to ready-made portfolios as well as funds with environmental, social and governance (ESG) credentials and over 1,000 funds if they wish to pick their own.
  • Financial wellbeing – Enhance your company wellbeing strategy by offering your employees access to a savings solution that aims to help them better plan and save for their future, appealing to member savings at every life stage.
  • Insights – Cushon can provide MI covering contribution values, investment choices and performance breakdowns across different employee segments through their technology partner PowerBi.
  • No setup costs - There’s no employer charges from Cushon for adding the solution to your employee benefits package.

About Cushon

Cushon is a fintech and an award-winning provider of workplace savings products including ISAs.

  • Known for cutting-edge financial technology and mobile app
  • Used by many of the UK’s leading employers
  • Have over 20,000 ISA customers and £60m assets under management
  • Operated in this market since 2014

As well as offering a wide range of products and investments, Cushon also boast net zero carbon credentials and has a range of ESG fund portfolios that align with Standard Life’s sustainability strategy.

Good to know

The Standard Life Workplace Savings Proposition is provided by Cushon Money Limited (Cushon). Cushon Money Limited (Cushon) is the ISA Plan Manager and is responsible for all regulatory and legal aspects of the ISAs and provision of all customer services. If a member invests in a savings or investment product, Cushon Money Limited will pay Standard Life an introducer fee. The introducer fee is covered within the product charge.

Setting up Workplace ISA for your employees

If you feel this solution is right for you, please get in touch with your usual Standard Life contact.

What next?

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