Yahoo uses web to make pension more user-friendly

Yahoo is giving staff the chance to sign up for its group personal pension (GPP) online and make alterations to their contribution rates as and when they want.

It has also launched a pensions modeller to help its 800 UK employees increase their understanding of the scheme.

Staff can log onto the website, provided by Orbit Benefits, to amend their contribution rates, forecast the value of their pension when they retire and work out what they should pay into the plan.

Katherine Scott, HR consultant at Yahoo, explained: “Our employee base is really quite young, so we are trying to make the pension more attractive and easier for staff to actually figure out what the benefits of having a pension are.”

Previously, new joiners had to fill out paper-based forms to join the pension scheme and could only change their contribution rates once a year.

The joining process used to take up to two months, which Scott said may have deterred some staff. “This was all paper before, and people had to fill in an application form. Now it is online and people can sign up online too,” she added.