Fidelity has launched a new workplace ISA combining its defined contribution (DC) and personal investment business.
The workplace ISA allows employees to access payroll deduction, as well as the ability to make one-off payments directly into the ISA and consolidate existing ISA savings.
Employees will also benefit from significant savings on fund charges and access to over 1200 funds.
They will also be able to access the Select List (a short list of expertly chosen funds) as well as a mutual fund evaluator and Fidelity's full range of online research tools.
Fidelity says the new product is aimed at employees who are discouraged by the rigid nature of pension savings vehicles.
"We have seen a significant rise in the demand for workplace ISAs over the last 12 months," says Julian Webb, head of DC business and platform sales at Fidelity.
"This year's change to the annual pension allowance has greatly increased members' interest in this area, while employers have long been looking for greater access to medium term savings products to run alongside their group pension scheme."
Annuity market worth £4bn in 2017
Oversees £30bn of advised and D2C assets
£1bn business since inception
Considered doing so in 2015
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