Svitzer Marine introduces corporate wrap

International towing and salvage tugboat operator Svitzer Marine has introduced a workplace savings scheme for its employees.

The corporate wrap, provided by Hargreaves Lansdown, includes a pension, corporate individual savings account (Isa) and share plan.

As a result of the implementation of the wrap, pension scheme membership across the workforce has increased from 65% to 75%, and a quarter of members have made investment choices outside the default fund. In addition, 28 employees have elected to make contributions into an Isa through their payroll.

David Noakes, company secretary and pensions manager at Svitzer, said: “In reforming and consolidating our pension schemes we wanted to contain future risk to the business from the final salary scheme, increase employee membership of pensions and simplify our administration.”

Tom McPhail, head of pensions research at Hargreaves Lansdown, added: ‘The successful implementation of this scheme for Svitzer is further evidence of the growing demand for workplace wraps, and of the wide range of employers for which such schemes may be suitable.’

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