Finmeccanica Group has achieved 99.3% pension take up after auto-enrollling employees at its two main UK operations into its trust-based defined contribution (DC) pension scheme.
The aerospace and defence manufacturer first automatically-enrolled staff at AgustaWestland, followed by employees at Selex ES.
Finmeccanica introduced a bespoke website to guide employees through their auto-enrolment options in conjunction with communications consultancy Shilling which helped to manage the auto-enrolment process after the withdrawl of a service provider.
Employees were automatically-enrolled at a 3% contribution level at which they receive 6% from the organisation. However, employees can reduce their contributions to the minimum 1% currently required under auto-enroment if they so wish.
Communications around auto-enrolment were segmented using different age groups and messages tailored to each group’s circumstances. Each employees received a letter, a link to an online opt-out area and information to help staff understand the process.
Mike Nixon, head of pensions at Finmeccanica, said: “The project was a success and the low opt-out rate proved that the majority of staff support the process and value being part of the Finmeccanica pension schemes.”