Employee Barclays Share Save - I've left employment

daGingaPrince

I've recently left my employment with Barclays Bank and bought company shares which are registered at www.globalstocksandrewards.com. I've just received a letter from Morgan Stanley advising that I need to either sell them or transfer to a 'Personal Brokerage Account'. To do this I need their Clearing code/DTC Number, Clear Code Type, Clearing Code Memo, etc. I want to hang onto the shares for the moment.

What is a Personal Brokerage Account? I have other shares registered online with other portals can I transfer the shares to them. Unfortunately, I've spoken to both globalstocksandrewards and my current share portal who haven't really been able to help me (offshore staff).

Any help appreciated?

jaypers

Presume that these are ‘Share Purchase’ rather than Share Save, ie: the ones that you can buy out of pre-tax pay, up to £150 per month with £600 p/a matching shares? If this is the case and you have a lot I would consider selling them as you don’t pay CGT for Sharepurchase shares sold from within the scheme. 

If Share Save and if you are a ‘good leaver’ you should have the option to be able to pay a further 6 months contributions before exercising your option.

Brie

If you were to open a Barclays Investment account they would be able to talk you through everything to transfer the shares there.  The added bonus is that as an ex employee you get special rates which are must less than Barclays charges the general public.  

daGingaPrince

jaypers said:

Presume that these are ‘Share Purchase’ rather than Share Save, ie: the ones that you can buy out of pre-tax pay, up to £150 per month with £600 p/a matching shares? If this is the case and you have a lot I would consider selling them as you don’t pay CGT for Sharepurchase shares sold from within the scheme. 

If Share Save and if you are a ‘good leaver’ you should have the option to be able to pay a further 6 months contributions before exercising your option.

I was in 2 schemes - Sharesave and Share Purchase but hadn't made the 3 year period so couldn't get the free/discount shares in either. I've closed the Sharesave account (as advised by Barclays) and withdrawn the cash that I paid in. My comment relates to the Share Purchase account. I have < £2k in shares. I want to hang onto them really as the price has increased steadily in the past year and I anticipate further increases

jaypers

daGingaPrince said:

jaypers said:

Presume that these are ‘Share Purchase’ rather than Share Save, ie: the ones that you can buy out of pre-tax pay, up to £150 per month with £600 p/a matching shares? If this is the case and you have a lot I would consider selling them as you don’t pay CGT for Sharepurchase shares sold from within the scheme. 

If Share Save and if you are a ‘good leaver’ you should have the option to be able to pay a further 6 months contributions before exercising your option.

I was in 2 schemes - Sharesave and Share Purchase but hadn't made the 3 year period so couldn't get the free/discount shares in either. I've closed the Sharesave account (as advised by Barclays) and withdrawn the cash that I paid in. My comment relates to the Share Purchase account. I have < £2k in shares. I want to hang onto them really as the price has increased steadily in the past year and I anticipate further increases

So for Sharepurchase, they give you 30 days to dispose of them from GS&R. You can transfer to a broker, but it’s a bit of a paperwork faff I believe. With CGT as it is you probably want them in an ISA ideally. Personally, I would sell them from GS&R and buy some if that’s what you want from within a Broker a/c of your choice. Yes you are paying the charges and some stamp duty on the repurchase but on that amount of shares it’s not a great deal really. 

Frosty371

Hello, hope don't mind me piggybacking on this.

I am looking to retire, and have Shares in the Sharepurchase, around £20k, so from what I have read when I do retire, it says you can withdraw all your Shares irrespective of how long they have been held in the Sharepurchase. Under these circumstances all Shares will be tax and NIC free when they are withdrawn.

I wondered whether anyone knows what options I would have going forward once left the scheme and company.

Thanks.

jaypers

Frosty371 said:

Hello, hope don't mind me piggybacking on this.

I am looking to retire, and have Shares in the Sharepurchase, around £20k, so from what I have read when I do retire, it says you can withdraw all your Shares irrespective of how long they have been held in the Sharepurchase. Under these circumstances all Shares will be tax and NIC free when they are withdrawn.

I wondered whether anyone knows what options I would have going forward once left the scheme and company.

Thanks.

With retirement or redundancy, you are classed as a ‘good leaver’ and the following applies…..

With Sharepurchase, all of your matching and dividend shares are immediately released. You have to sell or move all shares from where they are currently held within 30 days of your end date. They will write to you. If you sell from within the scheme, all proceeds are free of any CGT.