Travis Perkins Group is to launch a pensions master trust, combining all its contract- and trust-based schemes into one.
The scheme, called the Travis Perkins Group Retirement Savings Plan, will be provided by Standard Life.
It will launch in September 2012, in advance of the building and home improvement materials organisation’s auto-enrolment staging date of March 2013.
The scheme, which will be compliant with auto-enrolment, will be available to all 25,000 existing employees, including new joiners.
Its default investment option is a flexible and dynamic lifestyle strategy.
Standard Life will provide the administration, investment platform and member communications, while Pitmans Trustees has been appointed as independent trustees for the scheme.
Stella Girvin, deputy company secretary at Travis Perkins Group, said: “We were keen to establish an open and collaborative relationship in order to build on the existing pension benefits we offer our employees, and develop engaging communications through multiple channels.”
Jamie Jenkins, head of workplace strategy at Standard Life, added: “It was clear from the start of our discussions with Travis Perkins Group that it is a forward-thinking employer that cares about its employees.
“We are delighted to be working with it to deliver a trust-based scheme with a flexible investment solution and a communication programme that meets both its employees’ needs and its auto-enrolment responsibilities as an employer.”
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