EXCLUSIVE: Some 90% of Tate and Lyle Sugars’ employees have taken up pensions salary sacrifice since the arrangement was launched in July 2015.
Following the introduction of salary sacrifice as part of the employer’s group personal pension (GPP) scheme, Tate and Lyle’s 560 UK employees’ pensions contributions have increased by an overall average of 60%.
Before the launch of pensions salary sacrifice, which was set up and communicated by Secondsight, Tate and Lyle offered staff 24 face-to-face workshops across seven days in June to thoroughly explain the changes. Due to high demand, four extra workshops were held at the organisation’s three offices in London.
More than half (59%) of staff felt their awareness of their own pension planning had significantly improved after attending a workshop, and 58% increased their pension contributions, with the average contribution rising from 4% to 6% of employees’ monthly salary.
Edward Okpiabhele, compensation and benefits manager at Tate and Lyle Sugars, said: “We appreciated the value of introducing such a scheme to the workforce and we knew salary sacrifice would make it easier for our employees to increase the efficiency of saving into a pension.
“We were also aware of the savings the [organisation] could make, and had an approximate figure in mind of what this could be. It was a win-win situation for all parties.”