Financial services firm IAG UK relaunched its share incentive plan (Sip) on 1 March. The plan includes both partnership and matching shares, and staff are able to invest up to £1,500 in the tax year in instalments of between £10 and £125 per month.
The Equiniti-administered scheme is being communicated primarily via a booklet. Ricky D’Ash, head of compensation and benefits at IAG UK, said: “We have taken this approach mainly because of the scheme’s perceived complexity. We will have bite-sized drop-in sessions and will put information on the staff intranet.”
Take-up for previous years’ schemes has stood at about 12% of the firm’s 1,200-strong UK workforce, which is in line with take-up figures at IAG’s Australia and New Zealand-based parent company.
For the first time this year, the relaunch was aided by a reward and benefits project team of 20, based at the company’s UK sites.
Read more about share incentive plans (Sips)