Arqiva has introduced a new group personal pension (GPP) plan to harmonise its pensions provision after its merger with National Grid Wireless in 2008.
Both Arqiva and National Grid Wireless had an existing GPP, and reviewed the offering post-merger to create a new plan, provided by Aviva. Arqiva also has a legacy defined benefit (DB) scheme, which is closed to new members. Since the new GPP was introduced, more than 1,000 staff have joined, including over 120 who did not previously belong to a pension scheme.
The minimum contribution for new entrants to the GPP is 2%, with Arqiva putting in 6% for the first two years. After that, if the employee chooses to put in 4%, Arqiva will put in 8%.
The firm has also set up a governance committee for its GPP, acting in the same capacity as trustees for the DB scheme. Head of rewards and benefits Janet McKenzie said: “Having a governance committee shows we are really taking the GPP seriously.”
First contributions to the new GPP were made in April and Arqiva is working with Bluefin to communicate to staff the option of transferring existing benefits.
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