Xyratex boosts staff pension contributions with relaunch

Xyratex has achieved its aim of increasing take up to its group personal pension (GPP) after relaunching the scheme last month.

The data storage firm previously employed two providers running two separate GPP schemes, but opted to go with a new single provider after receiving lower than expected employee take up.

More than 350 of the organisation’s 550 UK employees have since increased their voluntary contribution levels. The new scheme gives employees the option of committing to a three-year plan to increase contribution levels at the time of their yearly pay rise.

Peter Joinson, director of global HR strategy, said: “There was so much publicity in the press about people needing to take care of themselves in the future rather than the government, [that] I thought it was right to encourage that with our employees.”

To communicate the new pension scheme, advisers Secondsight held meetings with employees, in which staff were issued with a retirement forecast for the plan. All employees were also given the opportunity to have a free individual financial advice session in which a contribution plan was suggested to them.