We were the first company to launch a workplace ISA, an effective low cost, high penetration distribution method to encourage increased levels of savings.

A Company ISA (CISA) provides employees with the same tax efficiency as a personal ISA, but with the added benefits for employees of much lower management charges and the convenience of making payments from payroll deductions. For employers it brings greater employee engagement from providing relevant benefits, heralding a new dimension of added convenience in workplace saving.

Barratt, the biggest house builder by volume in Britain, selected Legal & General to provide the UK’s first CISA plan for employees, the Barratt ISA. The Barratt ISA, which is a stock and shares ISA, has an annual allowance of £10,200 for the 2010/2011 tax year. It has no income tax or capital gains tax, enabling employees to potentially increase investment returns.

This plan could be used to help employees to build up mid to long term savings in addition to their pension contributions and could be switched to their pension fund at a later date if required.