News

27th March 2024: Saga, the UK's specialist in products and services for people over 50, has launched a new Stocks and Shares ISA and a General Investment Account, to help customers invest in a tax-efficient way, and simplify the investing process.

Saga has launched these products jointly with a leading UK financial services businesses HUB Financial Solutions Limited, part of Just Group plc, and SS&C Technologies. SS&C’s investment platform SS&C Hubwise will provide the Stocks and Shares ISA and General Investment Account including custody and dealing services, whilst HUB Financial Solutions has designed and will operate the investment portfolios, acting as a representative for Saga and being the first port of call for any customer queries.

These new investment products introduced by Saga are designed especially for customers who are looking at easy solutions to investing in a tax efficient way and may wish to use their ISA allowance to fund an accessible and flexible investment to run alongside their pension. 

Key customer benefits include:

• Customer has control and immediate visibility over their money, simplifying the process.
• Customers can manage their investments when required, including regular payments, single premiums and transferring existing ISA funds.
• Customers have the choice to utilise the exclusive ‘Glide Path’ feature which automatically de-risks the investment over time, in line with reducing appetite for risk with age.
• Customers have the ability to seek higher returns on funds than that available from cash, with the aim of receiving real-value returns above the rate of inflation, but, of course such returns are not guaranteed.

Saga wants to help take the stress out of choosing an investment strategy and the Saga Stocks & Shares ISA and General Investment Account (GIA) are available through an execution-only investment platform, offering customers a choice of three model portfolios providing simple and straightforward low, medium and higher risk options.

The unique feature of Saga’s ISA and the GIA is the ‘Glide Path’ – a feature which if selected allows customers’ funds to move automatically to the lower risk portfolios over set time periods as they get closer to wishing to withdraw the money. This is similar to the ‘lifestyling’ strategy found in pensions which provides automatic switching of pension savings into funds with a lower risk profile as the customer gets closer to retirement age and would be looking to withdraw the funds.

Alex Edmans, Product Director at Saga Money commented:  

“We are very excited to be partnering with HUB Financial Solutions to launch the Saga Stocks & Shares ISA and General Investment Account, to help individuals over 50 to navigate the financial landscape with confidence and purpose. At Saga, we believe in fostering financial well-being and independence at every stage of life, and these new products exemplify our commitment to providing tailored solutions for our discerning customers.”

Rob Hudson, Managing Director, Digital Wealth at HUB Financial Solutions, said:

“As people turn 50 they spend more time thinking about retirement and how to fund their life after work.  Many people will already be saving into a pension and Saga Investments offers another complementary route to saving tax-efficiently.

“Both products allow customers to achieve potentially higher returns by investing in funds rather than cash. ‘Glide path’ gives Saga customers a powerful feature to ensure their savings are exposed to the right amount of investment risk over time without customers having to manually make changes to the investment mix over time. We’re looking forward to working closely with Saga to help their customers benefit from using these new services.”