ETASSUM34160 | Schedule 3 SAYE option schemes: Linkage to Savings (Arrangement): More than one savings carrier

Although Schedule 3 SAYE option schemes may allow options to be linked to savings contracts with different banks, building societies or European authorised institutions, companies setting up schemes may prefer to require all employees to save with the same savings body, to simplify the administration of the scheme and the arrangements for making deductions from pay. This also minimises the risk of monthly contribution limits being exceeded.

An employee may take out several savings contracts. They need not be with the same bank, building society or European authorised institution.

As the savings carrier will quite often administer the scheme on behalf of the scheme organiser it is rare in practice for a scheme organiser to appoint more than one savings carrier in respect of a particular scheme.