Nutricia has seen an increase in the take-up of pension benefits by staff after switching from a trust-based defined contribution scheme to a group personal pension plan (GPP).
Employee take-up of the new GPP, launched in February, is now 80 percent, compared with 60 percent for the previous scheme.
Before implementation and communication of the GPP, only 8 percent of Nutricia’s employees were on target to meet their retirement income ambitions based on their pension contributions at that time. This figure has now risen to 77 percent.
The GPP is provided by Friends Provident and was communicated to staff by Secondsight through face-to-face meetings.
A survey of 900 Nutricia staff after the new scheme was implemented revealed that 93 percent now place greater value on their benefits and two-thirds say the package is likely to have more of an impact on any decision to stay at Nutricia than was previously the case.
Helen Robinson, senior HR adviser at Nutricia, said: “It quickly became clear that by providing face-to-face meetings with employees, we were able to get members to look beyond the scaremongering about pensions in the press and focus on delivering what they really wanted to achieve in retirement.”