Stagecoach has launched a group self invested personal pension (Sipp) as the main defined contribution (DC) pension arrangement for its 6,000 UK bus division employees.
The group Sipp will be made available to 20,000 defined benefit (DB) scheme members in the rail and bus division as an option for their maturing share scheme benefits but the company has no other plans to alter the existing defined benefit schemes.
The organisation will match staff contributions up to 6%.
The group Sipp, which is provided by Hargreaves Landsdown went live earlier this month, and it is understood that new staff will be automatically enrolled from April 2009.