Table:
|  | Group |  | Company |  |
| --- | --- | --- | --- | --- |
|  | 2019 | 2018 | 2019 | 2018 |
|  | £m | £m | £m | £m |
| Share Incentive Plan (‘SIP’) | – | 0.8 | – | – |
| Sharesave scheme (‘SAYE’) | 0.3 | 0.3 | – | – |
| Performance Share Plan (‘PSP’) | 2.1 | 1.8 | 1.3 | 0.7 |
| Deferred Annual Bonus and Single Incentive Plan | 2.3 | 0.4 | 0.4 | 0.2 |
| Total share-based payment charge | 4.7 | 3.3 | 1.7 | 0.9 |
| NI and apprenticeship levy on applicable schemes | 1.2 | 0.4 | 0.6 | 0.1 |
| Total charge | 5.9 | 3.7 | 2.3 | 1.0 |
Paragraphs:
29. Share-based payments continued
Share Incentive Plan
In 2015, the Group established a Share Incentive Plan (‘SIP’). All eligible employees were awarded free shares (or nil-cost options in the case of employees in Ireland) valued at £3,600 each based on the share price at the time of the Company’s admission to the Stock Exchange in March 2015, subject to a three-year service period (‘Vesting Period’). The SIP shareholders are entitled to dividends over the Vesting Period. There are no performance conditions applicable to the vesting of SIP shares. The fair value of the SIP awards at the grant date was measured to be £2.72 using the Black-Scholes model. The resulting share-based payments charge is being spread evenly over the Vesting Period.
Question:
What is the Share Incentive Plan ('SIP')?