“Our current broker is due to be discontinuing its employee share dealing service and we are currently looking at other brokers’ services.
A number of brokers’ employee dealing service involves the company being set up as agent for the individual employees, with any purchase or sales money being sent by or to the company (not direct from or to the individual). In addition, this service does not offer the ability for the broker to lend the option consideration to employees to enable them to exercise the options prior to sale.
• If you have a similar service, does your company ‘lend’ the option consideration to the employee and, if so, do you charge interest on that loan?
• What arrangements do you have for directors’ option consideration?
• Do you operate a separate bank account in relation to the share sale and purchase monies?
• Finally, do you send any sale proceeds via cheque or electronic transfer?
Any further experiences of employee share dealing services would be appreciated.
Transferring the administration of SAYE Schemes
We are currently considering whether or not to transfer the administration of our SAYE Schemes from Equiniti to another provider. As part of this process I was hoping to be able to transfer the schemes that are currently being administered by Equiniti but I am not sure that this is possible.
Has anyone got any experience of transferring their SAYE schemes and if so, did they transfer legacy schemes and did they experience any difficulties?