Corona Energy, a leading commercial energy supplier of natural gas to British-based businesses, has re-launched its group personal pension plan (GPP).
Corona Energy had an existing GPP in place but it was some time since a systematic review to assess the scheme had taken place.
It has appointed benefits consultancy Cartlidge Morland to review the pensions arrangements.
The review showed that employees wanted straightforward information and that investment advice was important to them.
Therefore, it was decided to place the pension scheme with Aegon Scottish Equitable, complimented by the use of Cartlidge Morland’s Group Portfolio Investment service.
This strategy will ensure that members’ pension funds are regularly reviewed and that the employees’ attitudes to investment risk are fully reflected and maintained by the provision of quality investment advice.
The GPP was re-launched to all employees, and pensions education via workshops were on offer which could be followed up by one-to-one meetings.
Take up by employees has been excellent with significantly increased staff engagement and revitalised interest by employees to plan for their retirement.
The employees at Corona Energy have also taken advantage of the benefits of salary sacrifice arrangements to fund their GPP arrangements using tax breaks, thus maximising the value of the contributions invested.
Rebecca Allin, human resources, Corona Energy, said: “We are very pleased to offer our employees a pension scheme which best serves their interests.
"Our staff have been thinking more carefully and clearly about their pension arrangements for the future, which is a positive outcome from the whole exercise.”
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