Morrisons is the latest FTSE100 company to expand its employee benefits provision to include a Sipp, which will run alongside its existing pension arrangements.
L&G’s corporate Isa has been available since 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.
“We are already in early discussions with a number of forward-looking employers about integrating an Isa with their existing pension arrangements.”