Morrisons is the latest FTSE100 to expand its employee benefits provision to include a Sipp which will run alongside its existing pension arrangements. L&G says its corporate Isa will be available from the beginning of May.
Tony Filbin, managing director, workplace savings at Legal & General says: “In 2008 Sipps accounted for 15 per cent of our corporate pension new business including new schemes for eight FTSE 100 organisations.
Now we are offering companies what I think is a major step forward. A new approach to workplace savings that will enable them to integrate their Sipp or pension with a corporate Isa. This will enable employees to take full advantage of the considerable tax benefits of transferring savings from an Isa to a Sipp at a time of their choosing. We are very excited to be launching this ground breaking development. Our new corporate Isa will be available in May 2009 and we are already in early discussions with a number of forward looking employers about integrating an Isa with their existing pension arrangements.”