Eland Cables supplies electrical cables to global critical infrastructure projects and employs 275 people, 17% of whom are in the 20 -to-29 age group and 32% in the 30-to-39 age group. The organisation has a significant number of long-serving staff.
In 2011, it switched its workplace pension scheme provider to Aviva, a move designed to give employees more control and access, linked to its online tools and services for modelling outcomes.
JS Pelland, executive director of Eland Cables, says: “The MyAviva app allows you to view policies, make changes and payments, as well as modelling tools for future plans. Linked to that, [its] pensions calculator and educational tools, along with wider money and health and wellbeing goal guidance, give employees the tools to manage their money, investments and future plans as they need to suit their stage of life.”
The modelling tools are communicated via dedicated one-to-one discussions at the point of onboarding as a new employee. Internal communication screens and internal emails create reminders and raise awareness. The employer has an internal point of contact for discussions and signposting for additional guidance from Financial Conduct Authority (FCA)-regulated advisors.
The provision of modelling tools has played a key role in the current low levels (6%) of opt-out from the organisation’s scheme, and an increased awareness among staff of pension provisions and how this would reflect their desired outcome. All those who pay more than the minimum contributions are aged 40 or over. There is also increased interest in pensions as part of a remuneration package at recruitment stage from those in the 20-to-29 age bracket.
“As an employer focused on sustainable operations, our [organisation’s] pension scheme forms part of our wider environmental, social and governance (ESG) strategy,” adds Pelland. “Our employees are central to us delivering on our commitment to excellence for our customers, and in return, we have a responsibility and a duty of care to provide a remuneration package that rewards them and their families for the work they do.”
