KPMG has announced today that it has negotiated preferential terms for its 11,500 staff to access a Stocks & Shares ISA with AXA Self Investor. AXA Self Investor is AXA Wealth’s direct to consumer service for those who want to make their own investment decisions. The offer will extend the firm’s ‘total reward’ remuneration and benefits package, made up of core salary; performance bonus; pension; critical, life and medical insurance plus additional benefits such as a company car allowance.
The deal with AXA is available to all KPMG staff (regardless of tenure) and offers a preferential rate on a stocks and shares ISA. The ISA offer is the latest addition to KPMG’s staff reward package, which has been substantially refreshed in the last month.
The latest additions to the package include:
Simon Collins, UK Chairman of KPMG, commented: “Low interest rates have eased the pain of the economic crisis but the flip side of the coin is that it has also been more difficult for people to build up a nest egg. We know from our staff engagement that getting a foot on the property ladder is one of the biggest personal finance challenges they face. Indeed, our own research with Shelter showed that more than half of all 20-34 year olds could be living with their parents by 2040 and housing prices could quadruple in the next 20 years if we don’t fix the housing crisis.
“Alongside Shelter, we have been a vocal campaigner on tangible solutions to the housing crisis but, with an average staff age of 26, we also wanted to consider how we could support our own people. We negotiated preferential terms for AXA Self Investor’s Stocks & Shares to give our staff a helping hand as they invest for their future whether this be for a deposit for a home, or indeed something more exotic if they choose!”
Gordon Hull, director, AXA Self Investor, added: “ISAs can be an essential product for anyone who is serious about planning for their future; AXA Self Investor is committed to helping people become better investors by making investing as straightforward as possible. Giving people easier access to financial solutions via their workplace is certainly one way to achieve this. It’s great to see that KPMG is keen to encourage employees to think about planning for the longer-term.”
David Sayer, Global Head of Banking at KPMG, who negotiated the deals on behalf of the firm, commented: “From a financial services industry perspective, the deal with AXA shows how providers are looking at new ways of accessing large groups of new customers and expanding funds under management. Given the low interest environment, major employers are considering how they can support their staff with their enhanced negotiating power: offering savings and investment product on preferential terms is an appealing addition to a company’s benefits scheme. We expect to see more of these kinds of deals in the market as employers and the financial services industry agree mutually beneficial deals.”
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Erfan Hussain, Senior PR manager, KPMG:
T: +44 (0)207 694 4208
M: +44 (0)7768 043 447
KPMG Press Office: +44 (0)207 694 8773
PR Manager, AXA Wealth
T: +44 1256 852 041
M: +44 7795 044915
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.