Phoebus Software creates software solutions for the banking, building society and lending sectors. Based in Solihull, it has 115 permanent employees who work on a flexible hybrid basis.
It offers a generous benefits package including private medical insurance, an electric car scheme and a wellbeing allowance. Its pension is a key part of the package. Kate Langton, chief people officer at Phoebus Software, says: “Employees are members of the auto-enrolment pension scheme when they join but, once they’ve completed their six-month probation, they can join our contributory scheme [provided by] Scottish Widows. With this, we match contributions up to 5%.”
The employer has a robust pensions communications programme in place to ensure employees understand the scheme and get the most value out of it. “We want employees to engage with their retirement savings,” says Langton. “There are so many myths around pensions, such as they’re complicated, boring or not necessary. To help dispel these myths, we provide access to a range of pensions information, tools and calculators through our benefits platform.”
Phoebus Software also works with an independent advice firm, Fidelius, to provide more detailed insight and support. This includes an annual presentation for employees where advisers run through the benefits of the pension scheme and any changes that may have happened. This is followed by one-to-one financial guidance sessions with employees to answer any questions they might have about their pension. “We make it into an event,” says Langton. “It’s really helpful to have someone independent explaining the benefits of joining the scheme as it encourages employees to be more open.”
The guidance sessions are always fully booked but employees can also call Fidelius anytime they have a question. For more in-depth support, they could take advantage of a free wealth management session or discounted financial advice.
While the annual event is a key part of the pensions communications calendar, Langton ensures there are regular nudges throughout the year, including the benefits window in January and total reward statements in April. “We want to increase employee engagement with pensions. It’s such a valuable benefit,” she adds.
