ISA
Accessible savings for the short, medium and long-term
An ISA, or Individual Savings Account, is a way to build up savings tax-free. In any one tax year, you can save up to £20,000 in a combination of Cash, Stocks and Shares or Innovative finance ISAs. When you decide to cash in your savings there is no tax liable on the proceeds.
SAP offer employees the option to save into a Corporate Cash and/or a Stocks and Shares ISA with Aviva. You choose to pay a minimum of 3% of your gross basic salary, (deducted from net pay) and SAP then pay it directly to the Aviva ISA(s) on your behalf.
When you pay into the SAP Corporate ISA, SAP will pay a 9% company contribution into your pension with no requirement for a personal contribution into the pension from you. You must pay a minimum 3% of gross basic salary, deducted from net salary to the Corporate ISA.
Please note the maximum SAP will pay into your pension is 9% of your basic salary and if you choose to make a contribution to the pension in addition to the ISA, they will pay an additional 7% of what you pay (NI passback).
ISA is a part of the ‘Savings Choices’ SAP offers to help you get the savings habit. The other three are Pension, Pension Lite and Student Loan. Click here to find full details of how Savings Choices work.
If you already have an Aviva ISA you can access it here.
At a glance
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Tax savings
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Flexible benefit
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FAQ
Tax savings
The money you pay for some benefits (such as your pension) is taken from your salary before tax and National Insurance are deducted. This means you don’t pay any tax on the money you use to fund these benefits. For some other benefits (such as tax-free saving for childcare) the tax is added back on to your contribution when the benefit is provided.
Employee funded (EE)
A benefit which you choose to join at an additional cost to you.
Employer funded (EF)
A benefit that is funded by the Company, at no cost to you.
Limited time benefit
You can only sign up to limited time benefits during March, or within three weeks of joining SAP.
Flexible benefit
You can sign up for flexible benefits at any point during the year. Be aware that you can’t always make changes to these benefits at any time during the year, so check on the conditions when you sign up.
