Toyota Tsusho UK is to introduce financial education sessions to show its employees how their pension is performing after introducing a new pension scheme and switching providers.
The resources trading firm introduced a group personal pension (GPP) plan, provided by Aegon, in June after closing its previous defined contribution (DC) scheme because of poor administration and lack of information on tax and legislation changes from its former provider.†
It has also reduced its pension running costs by 5% after setting up a salary sacrifice arrangement, and is using the savings to boost contributions to employees’ pensions.
The financial education sessions will offer staff quarterly one-to-one sessions on the status of their pension. The first series of sessions, to be run in conjunction with Creative Benefits Solutions and Aegon, is due to take place this year.
Richard Hughes, HR manager at Toyota Tsusho, said: “The information staff will get is on a one-to-one basis. They can monitor their contributions and what is happening, whereas before they did not know how their pension was performing. It was important our members were fully informed why the changes were needed and, more importantly, agreed to the changes.”
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