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&#39Relaunched share plan means role for IFAs&#39

IFAs are well placed to advise individual and corporate clients about the Government&#39s relaunched share incentive plan, says Trades Union Congress general secretary John Monks.

The scheme allows employees to buy up to £1,500 of shares pre-tax and employers to give up to two free shares for each share purchased by the employee. In addition, the emp-loyer can give up to £3,000-worth of free shares to employees each year. In total, this means employees can get more than £7,500-worth of shares for an outlay of £1,500 each year.

At a briefing this week to relaunch the Sip and announce a series of roadshows to raise awareness, Monks said employees should seek advice before they invest their savings in their company&#39s shares.

Monks said the Railtrack episode is proof that employees should not automatically invest heavily in their own company.

The meeting was also attended by Chancellor Gordon Brown, paymaster general Dawn Primarolo, CBI director general Digby Jones and Inland Revenue chairman Nick Montagu.

Monks said: “It is important that people take some advice before investing in these schemes.

“Reputable IFAs have got a role. This is an opportunity for IFAs to develop their expertise and in particular help people avoid putting all their eggs in one basket.”


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