GlaxoSmithKline goes ahead with plans for group SIPP

GlaxoSmithKline (GSK) is pressing ahead with plans to implement a group self-invested personal pension (SIPP).

The pharmaceuticals company has appointed Mercer to help implement the group SIPP. Mercer will also help GSK review it’s defined contribution (DC) plan design and investment strategy. The plan, which has assets of around £850m has an active membership of over 9,000.

Director of benefit programmes in GSK, Harsha Modha, said: “We plan to introduce the group SIPP to senior executives by the end of this year and roll it out to an increased number of employees in the new year. It’s a really exciting development which will offer tax savings to the individual.”

Modha was unable to comment on provider details as the contracts have not yet been signed.

Tony Pugh, principle at Mercer, said: “This is an exciting and wide-ranging project involving numerous DC skill sets. The project requires leading-edge thinking to ensure that the GSK’s DC arrangements continue to meet the combined needs of the business and the membership. This will allow GSK to meet the challenges and changes expected from future legislation and DC trends.”