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Kingfisher appoints Hargreaves Lansdown as group Sipp provider

Home improvements retailer Kingfisher has appointed Hargreaves Lansdown as its group Sipp provider.

The new scheme is being set up initially to accommodate maturing shares and AVC contributions.

The scheme will run alongside Kingfisher’s existing closed defined benefits scheme, and its open defined contribution scheme run by Standard Life.

Kingfisher employees already have access to the Hargreaves Lansdown retirement annuity service for their existing maturing defined contribution arrangements.

The group Sipp is being rolled out across the Kingfisher executive and management population, starting with maturing share scheme benefits for executives in the spring 2008, followed by wider AVC top-ups this summer.

Kingfisher Group HR director Tony Williams says: “The response from our executives has already been excellent, with a great deal of interest in the fact that the Hargreaves Lansdown service offers an integrated shares, funds pension and ISA service, all on the one platform.”

Hargreaves Lansdown head of pensions research Tom McPhail says: “This is a great endorsement from a leading British employer; it also demonstrates the extent to which Group Sipps are now a mainstream pension solution. Demand for share save solutions is becoming a key driver of Group Sipp business.”

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