EXCLUSIVE: Epwin Group has saved more than £213,000 a year in fees and national insurance contributions (NICs) following the launch of its workplace savings platform.
The platform, provided by Hargreaves Lansdown, includes access to a self-invested personal pension (Sipp), independent savings account and investment account.
Since the building products provider launched the platform in July 2013, it has saved more than £120,000 per year in fees including audit, advisory, legal, accounting, administration and investment management.
A further £93,800 has been saved in NICs after the organisation introduced a salary sacrifice arrangement for staff pension contributions.
It has also benefited from greater employee engagement in pensions with 76% of active members choosing to transfer from the former trust-based defined contribution scheme to the Sipp.
Nearly two-thirds (65%) of members have also chosen to manage their pension online, with 20% of members logging into their accounts each month to check their pension.
Sean Rice, group secretary and trustee at Epwin Group, said: “We have received a substantial amount of positive feedback from members.
“Previously, they were at best indifferent to the defined contribution scheme but many are now becoming engaged in running their Sipp and becoming far more financially aware. This is an unexpected but very welcome outcome.”
