ISG raises matching of GPP contributions

Construction services company, ISG has increased the level at which it matches the contributions of senior staff to a group personal pension (GPP) from 2% to 5% in order to encourage their long-term commitment to the business.

Around 100 senior staff in its 570-strong workforce will benefit from the change.

Richard Martin, human resources director at ISG, said: “We want them to see the value in a long-term career [with us].”

Matching contribution levels for all other employees will remain at 2% for the time being. However, there are plans to increase contributions for all staff, although Martin admitted that these increases may be forced by the national pensions savings scheme which is due to come into effect in 2012, and is expected to require all employers to offer a pension scheme with employer contribution levels of 3%.

The move follows the launch of pensions salary sacrifice in July 2006, helped by Punter Southall.