Ann Summers is conducting a review of pension providers ahead of its staging date for auto-enrolment and compliance with the forthcoming pension reforms.
The retailer, which has identified 640 staff to auto-enrol and 250 that could soon reach the eligible age or earnings level, is seeking providers that meet its needs on costs and communication.
It will decide whether to stay with its existing provider, change provider or move to the national employment savings trust (Nest). The retailer currently offers a group personal pension with matched contributions, which vary according to job grade. For example, staff on a low grade contribute 2% to receive 2% from the employer, but Anne Summers contributes 8% to directors pensions. About 25% of the retailer’s 1,450 employees are in the pension scheme.
Andrew Cohen, payroll and benefits manager at Ann Summers, said: “Keeping communication easily accessible, clear and succinct will help us ensure that all employees at all levels within the business fully understand what they need to do.”
Read more about the pension reforms and auto-enrolment