The Simply Health Group has implemented a student loan-matching scheme to provide graduates with an alternative to joining the company’s group personal pension (GPP) scheme.
Since the scheme was implemented in May, the healthcare provider has been matching the amount of money that is automatically deducted from the salary of graduates participating in the government’s student loan scheme.
Out of the company’s 1,200 employees, around 50 graduates have student loans and would be eligible to join the matching loan payment scheme as an alternative to the GPP.
Gill Phipps, HR policy and project manager, said: “Obviously not everybody wants their pension when they have got a student loan hanging around their neck or they are not even on the housing ladder. We recognise that our people are at different points in their lives and have differing financial needs.”
In order to communicate the scheme to graduates, meetings were held and policy documents and application forms were made available. Information on the scheme was also posted on the intranet.
Under the GPP, Simply Health will match employee contributions of between 3% and 6% of salary and add a further 2%.