Whether you are saving for your first home, your children’s future, or simply looking to build a rainy-day fund, saving money in a workplace individual savings account makes it much easier to manage and to stick to your savings goals.
That’s why Adobe has teamed up with Cushon to give you an easy way to save and invest directly from your pay with a simple, tax-efficient monthly payroll deduction option.
Cushon is a stocks and shares ISA provider that offers a comprehensive range of savings and investment options through world-leading financial technology and mobile app.
Cushon offers 15-minute one-to-one consultations to Adobe employees to answer questions you may have about ISA options. Schedule a session with Cushon to learn more.
Who is eligible?
All regular employees, Adobe-paid temporary employees, and interns are eligible to participate.
Key features
There are three types of ISAs you can open:
- Individual savings account (ISA) – cash and investment options for everyone
- Lifetime ISA – the one for first-home buyers
- Junior ISA – the one for parents
You have different savings and investing options with a Cushon ISA:
- You can choose to set up cash pots to earn interest on your money.
- If you want to invest, you have the option to select from four ready-made portfolios called CushonMix.
- Or pick your own investments from 90 well-known fund managers covering over 1,000 funds.
Part of the value of using Cushon is their ongoing monitoring service called CushonMe, which monitors your investment 24/7 to make sure it’s on track against your target.
You can also open a general investment account (GIA) through Cushon if you max out your annual ISA allowance and want to continue saving and investing.
You receive a discount on Cushon’s platform fees. You will benefit from a 50% discounted annual platform charge compared to the retail rate, with the discounted rate starting from just 0.4% (plus the variable fund charge on any monies invested).
Contributions
For any of the available ISAs, you can select a monthly deduction from as little as £10 up to the maximum annual allowance of £20,000, paid via a monthly deduction from your net salary. This means it is taken after you have paid tax and National Insurance.
Any interest or growth made in your ISA will be free from any income or capital gains tax. Tax may be due on any interest or investment gains made under a GIA.
How to enrol or change contributions
This is a voluntary benefit that you can enrol in at any time. If you sign up by the last working day of the month, then your first contribution will come in the following month. You can join or make changes to your contributions via My Adobe Benefits.
- Go to Benefits Selection. Under Retirement & Financial Benefits, select Workplace Savings.
- Select Make Selection, which will take you to Cushon to choose your investment type and amount.
- Once you make your selection, you will be directed back to My Adobe Benefits and see a summary of your contributions.
- Important: Go to cart > Checkout > Confirm Selection.
A confirmation message should pop up if you’ve successfully submitted your selections.
Once you have successfully confirmed your selection in My Adobe Benefits, you will receive an email confirmation of your choices.
About your contributions
Once you have set up your ISA or GIA, your deductions will happen automatically each month as part of your monthly pay process. This will continue until you actively choose to stop contributing, have no salary, or until you leave employment.
There is a cancellation period of 14 days, starting at the point where you receive your confirmation notice. This allows you to cancel the policy and receive a refund of any contributions paid over. Your cancellation rights will be presented to you online once you agree to the set-up of your policy.
At Adobe, your ISA or GIA will benefit from a 50% discounted annual platform charge with the discounted rate being just 0.4%. You will then have investment funds which will carry an extra charge to cover the cost of managing the fund, and these charges will be clearly visible. The typical total charge for a CushonMix ready-made portfolio is 0.60%, and Cushon does not charge for switching, transfers, and withdrawals.
Workplace Savings FAQs
What’s the difference between a workplace ISA and a normal ISA?
There’s no difference. It’s a normal ISA; it’s just that buying through the workplace is simpler and easier. The account is yours for life, regardless of whether you stay with Adobe.
Why is a workplace ISA simpler and easier?
You are able to contribute directly out of your pay, which saves you the hassle of setting up and managing a direct debit. It’s often easier to put some money aside before receiving your pay to help manage your money more effectively.
What’s the point of paying via salary deduction?
Mainly convenience, because you don’t need to look up your bank details to set up a direct debit. Some people also like to put some savings away before it shows up in their bank accounts, just because it removes the temptation to spend it. This helps them to manage their savings. In addition, you receive a discount on Cushon’s platform fees, because your payments are made from your net salary.
Can Cushon give me advice on which funds to choose?
Cushon can’t give advice. You must decide on your own which funds to choose. Or you can seek professional advice from a regulated adviser.
What happens if I leave Adobe?
The account is yours for life, regardless of whether you stay with Adobe. If you leave Adobe, you will have the choice of either leaving your ISA or GIA as it is, without any further contributions being paid in, or, if you wish to continue regular monthly contributions from your own bank account, Cushon will detail how you can set this up. Whether you choose to continue payments or not, you will not lose the discounted annual charge that occurred when your ISA or GIA was set up. It will be retained for the life of your policy.