News update – IFAs visit Compass

Hundreds of employees at Compass Group have been given the opportunity to visit an independent financial adviser (IFA) following changes to the company’s defined benefit (DB) pension scheme. Around 20% of the food services company’s 65,000 staff have been affected by the pensions changes and have been offered, the chance to obtain advice by phone, face-to-face or online from IFA firm Clarity.

Sally Mason, HR director reward at Compass Group UK and Ireland, said: "It was a change to our defined benefit scheme which would have an impact on someone’s final earnings. [The employees concerned] didn’t have to do anything they just had to think about the future in a slightly different way."

She added it was important to fund the advice for staff because under regulations the company is only able to provide information."The IFA [can] talk to people looking at their own individual circumstances. [Employees might] want to review their pension arrangements, and think about if they are going to get less under the new defined benefit scheme, [and ask themselves] if they need to make up that shortfall anywhere else, [such as] do they need to put in additional voluntary contributions [or] do they need to take out other pension schemes."