Games and interactive entertainment firm Babel Media has increased pension scheme take-up and reduced annual management charges after introducing a new group personal pension (GPP) scheme for staff.
Working in conjunction with Creative Benefits the firm introduced the scheme after closing two pre-existing GPP plans to future accrual. In doing so, it reduced the annual management charge from 1.1% to 1% for the previous two pension schemes, and to 0.75% for active members in the new scheme, which is available to the firm’s 40 full-time employees in the UK.
The scheme, which allows contributions to be made via a salary sacrifice arrangement, has attracted 75% take-up, compared to 50% for the previous provision.
The firm started communicating the changes to staff in May. This was done using workshops, presentations and one-to-one sessions. The GPP was introduced alongside an employee assistance programme (EAP) and a retail discount scheme.
Lee Quinn, group finance director at Babel Media, said: “The introduction of salary sacrifice has really boosted the value of our overall benefits plan and has also helped employees better see the value of pensions savings.
“The level of engagement and positive feedback is amazing.”
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