FSCS confirms 2.3 million SAYE savings accounts are protected
On 30 October 2008, the Financial Services Compensation Scheme (FSCS) issued the following statement:
"Money deposited via a SAYE scheme that is run in the standard way will be protected in the same circumstances as any other deposit will be.
This is the case regardless of whether the scheme holds the deposit in individual accounts for each employee, or in one common scheme account, provided that the scheme holds full details of the individual depositors and the proportion of the money to which they are entitled.
In particular, it should be noted that any amount deposited with a bank or building society via a SAYE scheme counts towards an individual's compensation limit with that bank or building society."
Capita Share Plan Services naturally welcomes the decision to protect the savings of over 2 million participants in Save As You Earn (SAYE) share plans.
David Kilmartin, Client Services Director at Capita Share Plan Services explained, "We have worked closely with ifs ProShare for several months to help achieve this clarification. It was always our understanding that these savings were protected and we're delighted on behalf of companies and their employees to now have this confirmed."
For further information, please contact your Capita Share Plan Services Relationship Manager.