Sony Pictures puts pensions in spotlight to boost take-up

Sony Pictures Entertainment is promoting its pension schemes to help employees understand the benefits and increase take-up of its stakeholder scheme.

The firm runs a final salary scheme, which closed to new employees in April 2007, as well as the stakeholder plan. It matches employee contributions to its stakeholder plan on a 2:1 basis up to a maximum employer contribution of 10%, but only 54% of employees eligible for the scheme have joined.

Roger Fairhead, former vice-president, head of international compensation and benefits at Sony Pictures Entertainment, said: “We would like to increase take-up. Running workshops for employees approaching retirement is common, but if they have not engaged with the pension scheme before this point, it can be too late. We want to make sure employees understand the benefits of the scheme, whether they’re in their twenties or their sixties.”

To this end, Sony held a pensions seminar for employees based at its London offices last month. This was promoted to all employees, but with particular attention to those who were not members of either scheme. “The seminar was attended by about 40 of the 380 employees based in London and we were particularly pleased that all 50 of the application forms we took were taken,” said Fairhead. “We will monitor take-up, but we are also looking to run further pension seminars in the future.”