BSM launches GPP scheme

BSM has launched a new group personal pension (GPP) scheme for its 370 retail and head office staff.

Under the scheme, which went live in September, staff will be required to contribute a minimum of 3% of salary to receive a matched employer contribution. For most employees, BSM will match up to 6% of salary. Members can also make contributions via a new salary sacrifice arrangement, which brings tax and national insurance savings.

The changes follow the sale of BSM from Aviva to Arques in February. The GPP has replaced a number of pension plans that were offered before the sale.

A communication exercise, conducted by Secondsight, is taking place this month. Employees at the firm’s retail centres will be offered an individual telephone call with a financial adviser. Bristol-based staff will attend a presentation and will be offered a meeting with a financial adviser.

Helen Robinson, HR manager at BSM, said: “This is a fantastic opportunity for employees to increase their awareness of pensions and to understand the importance of financial planning.”

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