The Premier Paper Group has introduced a group personal pension plan in place of a money purchase scheme and is allowing staff to make pension contributions through salary sacrifice.
John Percival, financial controller, said: "Our pension scheme was an occupational one. A-Day meant we looked at the scheme and the investment returns, and thought it wasn’t doing as well as it could."
The paper merchant decided to change to a group personal pension plan to allow its employees to make pension contributions through salary sacrifice.
The occupational scheme has now been closed and employees have had to transfer to the new scheme if they want the company’s contributions to continue. Contributions are unchanged, with employees required to make contributions at a minimum of 5% and the employer paying 7.5%.
Percival added that the Jelf Group has helped to communicate the changes by holding presentations for its 350 employees.
"Currently about half of our employees are members of the pension scheme, but we are hoping that around 80% will join [the new scheme]," Percival explained.