EXCLUSIVE: Imagination has seen almost a quarter (23%) of its pension members increase their contributions after the launch of a workplace savings platform.
The platform is provided by Hargreaves Lansdown and offers staff access to a group self-invested pension plan (Sipp), a cash individual savings account (Isa), a stocks and shares Isa and an investment account.
The creative communications agency launched the platform because its group personal pension plan was not keeping pace with developments in technology and communications.
It had previously provided basic online pension access, but did not have the option for employees to join the scheme online.
Employees can now log in to view their Sipp online, as well as manage investments and make additional contributions.
The pension can also be managed through iPhone, Android and iPad applications.
The platform was also launched in preparation for pensions auto-enrolment. Imagination auto-enrolled employees on 1 January 2014.
Since the launch of the platform, 68% of members are now managing their pension online and two-thirds of members are now self-selecting their investments.
In August 2013, Hargreaves Lansdown hosted a series of financial education seminars for employees, which included:
- 11 group presentations and 253 individual meetings on topics including how to save, where to invest and how pension tax relief works.
- Information on employees’ investment fund options, which are classed the ABC funds, one Adventurous, one Balanced and one Conservative.
- Model portfolios via an interactive portfolio building tool for more confident investors.
In December 2013, Imagination presented its HR team with an award for ‘outstanding contribution’ for the introduction of the platform.
Claire Dykes, HR director of Imagination, said: “We felt it was important to make sure employees had a good level of financial education, and educational tools available on the website, to help them get the most out of their pension.
“Feedback has been great, employees like the online guidance and really appreciated the chance to have a one-to-one chat with a pension consultant when the scheme was launched.”
Laith Khalaf, head of corporate research at Hargreaves Lansdown, added: “Imagination has demonstrated that financial education in the workplace can go a long way.
“Employees feel more in control of their savings and are choosing to save more as a result.
“The award it gave their HR team demonstrates unmistakably that education and engagement prompts employees to appreciate their pension benefits more.
“This will help the business to retain those staff, which is one of the key goals of any workplace pension plan.”