GlaxoSmithKline (GSK) was one of the first companies to launch a second-generation group Sipp in December 2007. It wanted to boost its employees’ opportunities to save, and at a lower cost than buying a Sipp directly from a provider.
GSK selected Legal and General to provide and administer its Sipp, which was launched to coincide with the vesting of GSK’s restricted share awards for managers and executives. It was then rolled out to all GSK staff the following month. Each year, all employees have the option to transfer their bonus and maturing sharesave
proceeds to the Sipp.
Harsha Modha, director, UK benefits at GSK, says: “By introducing the GSK Sipp, we have been able to offer employees an attractive, tax-efficient way to take advantage of opportunities to build up their pension funds from
their other savings with the company."
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