Pret A Manger is to launch a group personal pension (GPP) scheme on 1 October, and has started a recognition scheme.
The GPP will first be offered to 500 staff in shop management and at Pret’s main location in London, with a view to rolling it out to the rest of its 4,800 employees over the next 12 to 18 months.
Staff must contribute a minimum of 3% to the scheme, and Pret will match contributions up to 5%. Jeremy Hinds, head of people systems and rewards, said: “This is [Pret’s] first pension arrangement over and above a stakeholder scheme. It has been driven by a number of factors. Our staff turnover is excellent in comparison to a lot of competitors, and our [staff] have grown up with the business, so the average age over the past five years has increased from 31 to 35.”
The GPP is provided by Scottish Widows and will be administered by the Bluefin Group and in-house at Pret.
“Internally, we will manage the joiner/leaver process and Bluefin will handle a helpline, transfers and one-on-one advisory service,” said Hinds. “Staff have the option to allow Bluefin to manage their investment, choosing a balanced, cautious or adventurous approach. They can also manage their own investments.”
Hinds said temporary staff from overseas could keep a UK bank account open to receive the pension.
Pret has also introduced ‘Wow’ cards, an instant incentive reward managers can present to staff. The scratchcards have prizes ranging from £10 to £250 or an iPod shuffle. The cards, carried by directors, heads of department and operations managers, were rolled out to managers in July, and have now been promoted to all UK staff.
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