More and more people are saving into a 'Wisa' – a workplace Isa – but what is it?

You may already have a pension and an Isa – but do you have a Wisa? Falling pension allowances and younger workers’ desire to get on the property ladder have led an increasing number of employers to offer workplace Isas or “Wisas” to their staff.

They work just like conventional Isas, where savings and investments grow free of capital gains and income taxes. But there are added benefits: investment charges can be much lower because employers qualify for bulk discounts, and contributions are deducted through payroll, so money is saved before it can be spent.

Figures are hard to come by, but in 2015 roughly one in 10 of Britain’s largest firms offered Isas to staff. Isa providers say the figure...