Since launching its defined contribution pension scheme in April 2008, luxury cosmetics group Molton Brown has used a range of tactics to help its staff see the beauty of saving for retirement.
The company, which has 712 employees in the UK, promoted its DC scheme through group presentations and one-to-one meetings. Its pension provider also called each employee individually to run through the options.
Natalie Morgan, HR and development director, says: “Communication was a challenge, not least because of the unusual combination of employing manufacturing, retail and head-office staff.” A few employees were dubious at first, she adds. “We wanted to ensure everyone was secure in the knowledge that the company was doing this properly. Some of the older generation had a fear about company pension schemes because of the Maxwell days. They wanted reassurance that whoever was appointed would be secure. Others wanted to know that it was flexible to take with them if they did move on.” Thanks to its communication strategy, one in five Molton Brown employees (21%) joined the scheme, which Morgan believes is good for the industry. “If you are in retail, you have to accept that large numbers of transient employees will not join a pension, but you still should not abdicate your company responsibilities,” she says.