Kingfisher introduces group Sipp

Kingfisher has launched a group self invested personal pension (Sipp) to accommodate employees’ maturing shares and additional voluntary contributions (AVCs).

The scheme will run alongside the retail firm’s existing closed defined benefit (DB) pension scheme and open defined contribution (DC) plan.

The Sipp, which is being provided by Hargreaves Lansdown, will be rolled out to company executives and managers firstly enabling them to pay in maturing share scheme benefits for executives this spring, followed by wider AVC top-ups in the summer.

Tony Williams, group HR director at Kingfisher, said: “The response from our executives has already been excellent, with a great deal of interest in the fact that the service offers an integrated shares, funds pension and [individual savings account] (ISA) service, all on the one platform.”