BDO Stoy Hayward offers trust-based salary sacrifice plan

  • BDO Stoy Hayward offers a trust-based defined contribution (DC) scheme, into which staff can make contributions on a salary sacrifice basis through the company’s flexible benefits scheme.

    Staff can make additional voluntary contributions on top of those made from their flex allowance. Those who do so also receive a ‘special employer contribution’ of 10% into their pension, which was introduced last November. This comes from the 12.8% national insurance saving the employer makes when staff pay pension contributions via salary sacrifice.

    The scheme provides employees with a range of 12 funds, which have been selected by the trustees. The range is designed to cover all the major asset classes and encompass different investment styles. For example, an ethical fund and a lifestyling option for members approaching retirement age are included.

    Support is given to help staff understand and make investment decisions via written communications, the firm’s intranet site and roadshows. Richard Tewkesbury, director at BDO Stoy Hayward Investment Management, who is responsible for running the plan, says: “Although contract and trust-based schemes have advantages and disadvantages, BDO decided retaining and improving its trust-based scheme was the best arrangement for staff.”