Oracle has completed the roll out of its group personal pension (GPP) plan after launching the benefit to the remainder of its UK-based staff.
The last group of employees to be to be introduced to the GPP, which replaced 31 pension schemes when it was introduced last year, used to work for Sun Microsystems, which was acquired by Oracle.
Working in conjunction with Secondsight, Oracle communicated the scheme by hosting 38 presentations across nine of its UK locations. Presentations were supplemented by webinars for non-office based staff, as well as an online pension video.
The majority (87%) of former Sun Microsystems’ employees decided to join the scheme; 36% of them pay more than the minimum matched contribution of 6%.
In addition, 44% give up part of their flexible benefits fund to invest into their pension, giving a total average employee contribution of 11%.
Employees are taking charge of their own risk profile with, 61% of Sun Microsystems employees now picking their own fund from three profiles on offer: cautious, balanced and adventurous.
Oracle operates a matched scheme at 6% of headline base salary. It launched salary sacrifice in conjunction with the GPP.
For all employee contributions greater than the 6% Oracle invests, a further 6.9% of the employer national insurance (NI) savings back into the employee’s plan, further enhancing the individual’s pension savings.
Vance Kearney, vice president for HR, Europe, the Middle East and Africa at Oracle, said: “The goal of this entire exercise was to reduce Oracle’s 30-plus schemes into one and I am delighted the final part of the roll-out is now finished with the harmonisation of our Sun Microsystems colleagues into the scheme.
“While it has been a complex and time-consuming project for my team over the last year, it has been the right one for our employees and our business. The change to one pension was not just about saving money but about encouraging Oracle employees to save for their retirement.”
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