Investment bank Seymour Pierce has switched stakeholder pension administrators, as well as introducing pensions advice, and salary and bonus sacrifice arrangements to boost take-up of the scheme.
It has switched its scheme administration from an independent financial adviser (IFA) to Lorica. The scheme is provided by Standard Life.
All members of the scheme can take advantage of the salary sacrifice arrangement around pension contributions and bonus sacrifice. The company will use half its national insurance savings from the salary sacrifice to fund pensions advice for staff. It will pay the remaining 6.4% back to staff as extra pension contributions.
Employer contributions for employees in their first year with the company are 10% of gross salary. This increases by 2.5% after five years’ service and again after 10 years. Staff can also choose to sacrifice a lump sum from their bonus into their pension fund.
The company’s pension scheme currently has a take-up of about 65%, which it is looking to improve upon.
Bob Jarvis, HR manager at Seymour Pierce, explained: “We are trying to encourage more people to join our scheme by using the sweetener of additional benefits.”