Oracle plans to extend its financial planning service for employees so it eventually covers up to 20% of its workforce.
The service, currently directed at senior staff and provided by Citimark, enables employees to manage their pension in the context of their life goals and their net worth. Factors taken into account include spouse’s income and other investments, such as individual savings accounts (Isas).
Some staff are introduced to an accountant for tax planning and given information about how to utilise any stock options as part of the management of their pension. Guidance is also given on the annual and lifetime allowance limits for staff with large funds.
Vance Kearney, vice-president HR, Europe, Middle East and Africa at Oracle, said the firm identifies about 200 staff a year it thinks will benefit from the service. Over the next two to three years, it plans to extend the service to 20% of its 4,500 UK staff, focusing mainly on those close to retirement.
Kearney added: “We direct Citimark towards employees who are probably looking at 10 to 15 years to retirement. We target higher-net-worth individuals with large funds or high earnings who need a more thorough, in-depth planning service.”
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