Paddy Power has introduced a group personal pension (GPP) as a result of incoming pensions legislation and to help retain employees in a competitive market.
The Irish bookmaking group, which has 166 employees at 32 stores in the UK, said that it had considered the implications of the Finance Act 2005 and the Pensions Act 2004 when launching the plan because it felt it was important to help employees through the pension scheme minefield.
The company is offering staff the chance to join the scheme, run by Axa Sun Life, and will match employee contributions of up to 4% of salary.
HR manager Lena Elliott said that it was very aware that the bookmaking industry was a very competitive employment market and in order to hold on to its best staff, had to offer a pension scheme comparable to its rivals.
The plan was installed with the help of independent financial advisers Towry Law, which was responsible for running a number of staff presentations.
Employees are eligible to join the scheme after one year’s continuous service and there will be joining dates available in both March and September every year.