Nelsons has increased the take-up of its group personal pension (GPP) scheme and introduced a salary sacrifice arrangement after an extensive communications campaign.
The natural medicines provider, which re-launched its GPP between February and March, now has 67% of its employees saving into a pension, compared to 49% previously. Almost three quarters (71%) of members are now on target for the pension they desire. Previously 79% were not on target for their retirement.
The average employee contribution is now 5.4%, up from 3.5% previously, and 95% of employees are making savings through salary sacrifice. Nelsons, which employs 180 staff in the UK, reinvests 6.9% of the employers’ national insurance (NI) savings back into the employees’ pension pot.
The firm, advised by Secondsight, communicated the new GPP by offering one-to-one pension advice and hosting group presentations at sites around the UK.
Simon Rickatson, head of HR at Nelsons, said: “We want all of our employees to see the pension and benefits package as an attractive proposition, no matter where they work within the business.
“It was therefore important to communicate the pension to staff in a way that increased their understanding, as well as securing them a comfortable retirement. This is why we choose to provide face-to-face advice.”
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