Richard Waddilove, head of employee relations and reward at Shop Direct, says: “The tool models people’s current contribution levels and their likely retirement income. Then it compares that against their target and enables them to say to what extent it will close the gap if they increase their contributions by 1 or 2%.”
The new platform, including the modeller, is currently available only to members of one of Shop Direct’s three pension schemes, but contribution levels have risen by 15% among this group since it was introduced. “That is probably a low number because it is just those people who thought they needed to save more and decided they could do so at this time,” says Waddilove. Anyone accessing the modeller has to go through the platform’s home page, which contains a total reward statement.
