Global Shares – the leading provider of global equity compensation management solutions has appointed Metro Bank – the revolution in British banking – as its Sharesave Savings carrier, joining forces to support the significant number of companies in the UK offering Sharesave to their employees.
Sharesave is one of the most popular tax favourable share schemes in the UK. It enables employees to save between £5 and £500 per month direct from their pay, over a period of three or five years. After the savings period has elapsed, employees can either use the money saved to purchase shares in their company (at a price fixed at the start of the savings period) or have their savings returned.
Savings are protected by the Financial Services Compensation Scheme and can be withdrawn by employees at any time. Sharesave is exempt from tax and national insurance and employers can get a corporation tax deduction on the cost of running the scheme.
Gabbi Stopp, Head of ProShare, an independent organisation that promotes share ownership in the UK, welcomed the news. She said: “We are delighted to see a new partnership enter the Sharesave market. Sharesave is a hugely popular share scheme, with c. 1.4 million employees benefiting from it with approximately 450 companies operating the scheme in the UK. It is always pleasing to see increased competition and dynamism in the sector.”
John Meehan, Managing Director at Global Shares said: “We are delighted to enter the UK Sharesave market, which is seeing a resurgence of interest thanks to legislative improvements and more tax-efficient benefits. Metro Bank, like Global Shares, is a true disruptor and together we offer cutting-edge technology with an exceptional online experience, service excellence and an invigorated approach to saving. All of these ingredients make this partnership a great choice for companies and encourages their employees to avail of the opportunity to take a direct stake in their organisation”
Craig Donaldson, CEO at Metro Bank added: “Metro Bank has well and truly disrupted banking and it is really rewarding to see other markets also benefit from new players, increasing competition and driving up customer choice. We look forward to continuing to work closely with Global Shares as it expands and provides more choice to companies up and down the country.”