Specialist insurance firm Novae Group has launched a group self invested pension plan (Sipp) in an effort to provide its workforce with greater control over their pension investments and to promote equity participation.
The Sipp has received a 10% take up by employees who are keen to maximise tax breaks by transferring maturing shares purchased through the firm’s share incentive plan (Sip).
Matthew Fosh, CEO of Novae, said: “We are delighted with the launch of our group Sipp. It is another facet of our innovative employee benefits package. The Sipp helps us remunerate our staff tax efficiency and give them an extra dimension to their pension savings. It also facilitates the building of equity stakes in the business by our staff, aligning their interests with those of our shareholders.”
The Sipp has been introduced in conjunction with pension and share scheme administrator Killik Employee Services.