Scotch whisky distiller The Glenmorangie Company and office materials manufacturer Avery Dennison are among 25 employers that have introduced a workplace savings platform provided by consultancy Mercer.
In doing so, Glenmorangie was looking to save cost and strengthen the existing governance structures for its defined contribution (DC) pension arrangements.
Ian Drysdale, HR director at The Glenmorangie Company, said: “As well as needing a new pension provider, we are aware that in the new context of auto-enrolment we have to tighten up governance processes around our DC arrangements. Mercer’s workplace savings product proved a perfect fit.”
Meanwhile, Avery Dennison needed a new pension scheme because of a strategic review of the pension offering in its UK organisations. The multiple objectives of the review included: competitive design, compliance with forthcoming auto-enrolment legislation, harmonisation of three separate trusts and new provider selection.
Helen Bridges, HR director – Northern Europe at Avery Dennison, said: “Different elements of the Mercer workplace savings proposition appealed to different parties – the investment and governance options along with the wider savings pleased both the trustees and the organisation.”
Emma Douglas, head of Mercer Workplace Savings, said: “Employers have responded to the approach Mercer workplace savings offers because it addresses their concerns about the escalating costs and risks of benefit provision, the need to enhance member outcomes, and the desire for more flexibility in meeting employees’ wider savings needs.
“Many of our clients have started by addressing their pension issues and are looking to add wider savings options at a later date.”
The platform can be adapted to fit each employer’s needs. It includes: investment-only and bundled trust-based plans; group personal pension (GPP) plans; standalone savings plans, which include individual savings accounts (Isas); a general investment account; and various different combinations of these.
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