Bringing the pension savings gap to life
As a leading provider of workplace savings for our customers, our employees have been on the same pensions journey during 2012 as we planned our implementation of the governments auto enrolment legislation.
We undertook a review of our own current defined contribution pension arrangement and modified it slightly to meet the new employer duties.
In particular, we have ensured that our approach is compliant with the government’s ultimate contribution requirements of 9% by 2018 from day one by the introduction of a minimum or default contribution from employees of 2% with the employer making up the balance of a further 7%.
Secondly, we delivered a number of communication materials including seminars at our main locations which are also available on-line. Personalised letters explaining the changes were issued to all employees in the new year alongside innovative screensavers, further presentations and internal news articles.