Svitzer UK offers a corporate wrap platform to give its staff flexibility in saving for their future. The wrap, introduced by the marine services firm last year, includes a group self-invested personal pension (Sipp) and an individual savings account (Isa).
Staff can invest in a number of ways. For example, those that want to save money tax-efficiently but still have access to it can use the Isa. But they must ensure their combined employer/employee pension contribution is at least 15%.
David Noakes, company secretary and pensions manager at Svitzer UK, says: “Within our corporate wrap there is some flexibility in that people have the ability to contribute within certain parameters, either more or less to the pension, or more or less to the Isa. It gives people the chance to save for their medium- and long-term financial needs.”
Since Svitzer introduced the wrap, provided by Hargreaves Lansdown, pensions take-up has risen from under 65% to more than 75%.
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