Group SIPP allows shares transfer

The SIPP, provided by Legal & General, has been designed to allow employees participating in the Willis ShareSave scheme to transfer them. The SIPP will also accept Willis shares already vested or held by employees, and allow employees access to the full universe of investment opportunity afforded by the SIPP - including 300 insured funds from 40 fund managers.

Willis shares are traded on the New York Stock Exchange in dollars, and the group SIPP is believed to be unique in that it allows shares to be transferred to the SIPP without market risk.

Willis Employee Benefits UK pensions and retirement benefits director Martin Ralph said: "This is a fantastic opportunity for Wills employees to save more for retirement and holds shares tax-efficiently.

"We are seeing increasing interest in group SIPPs from progressive employers who wish to provide their employees with greater choice and flexibility."�

The SIPP sits alongside Willis' existing £1.2bn defined benefit pension scheme and its stakeholder pension arrangement.
Legal & General managing director corporate wealth Tony Filbin said: "We believe Willis is well ahead of the pack in recognising the benefits of low-cost SIPPs in fulfilling the demands of modern pension schemes and 'future proofing' their defined contribution arrangement."�