EXCLUSIVE: Aspire has introduced a 1% match on its employees’ contributions to the group personal pension (GPP) scheme to encourage them to get used to saving in advance of auto-enrolment.
The matched contribution is for employees who contribute at least £20 of their salary per month. The scheme is offered as a salary sacrifice arrangement.
Tasha Webster, director of operations at Aspire, said: “It is a great way to get employees into the habit of saving for retirement before the pension reform affects us in 2014. We wanted to make sure it was more than just taking, it was giving as well.”
The charity’s staging date is May 2014. It has 35% (24 of 68 staff) take-up in the pension scheme, with 10 of the 24 coming in since the matched contribution was added on 1 April.
The changes were first communicated to staff at its annual meeting. Pension provider and adviser Towergate Financial held did onsite presentations, which are followed up by one-to-one sessions for any employee that requests it.
Aspire will continue to promote the changes though its monthly staff newsletter and departmental staff meetings.
Read more articles on pension contributions