Global Shares has appointed Metro Bank as its Sharesave Savings carrier to support companies in the UK offering Sharesave to their employees
Metro Bank and Global Shares have joined hands to support the significant number of companies in the UK offering Sharesave to their employees. Global Shares is the leading provider of global equity compensation management solutions. It has appointed Metro Bank as its Sharesave Savings carrier.
Sharesave is one of the most popular tax favourable share schemes in the UK which allows employees to save between £5 and £500 per month direct from their pay, over a period of three or five years. Employees can utilise the money saved to purchase shares in their company or have their savings returned after the scheme elapses. The price of the shares is fixed at the start of the savings period. Savings are protected by the Financial Services Compensation Scheme and can be withdrawn by employees at any time.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 corporation tax deduction on the cost of running the scheme.
Head of ProShare, Gabbi Stopp, said that it is delighted to see a new partnership enter the Sharesave market. Sharesave is a hugely popular share scheme, with 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.
ProShare is an independent organisation which promotes share ownership in the UK.
Managing Director at Global Shares, John Meehan expressed delight on entering 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 both of them together 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 the opportunity to take a direct stake in their organisation.
CEO at Metro Bank, Craig Donaldson added that 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. He added that the bank looks forward to continuing to work closely with Global Shares as it expands and provides more choice to companies up and down the country.