Speaking at Employee Benefits Live on 25 September at London’s Olympia, Tracey explained that the manufacturing company, which staged on 1 September 2013, found that with a largely segmented workforce comprising both hourly and salaried staff, it faced a task in ensuring all employees fully understood that pensions auto-enrolment was imminent.
Prior to staging, Pall had a group personal pension (GPP) scheme in place with a 4% employee and 4% employer contibution. The scheme offered employees the ability to make contributions through a salary sacrifice arrangement, with any national insurance (NI) savings being paid back into the pension.
“We didn’t want to change [the scheme] for auto-enrolment,” said Tracey.
Pall worked closely with its consultant, Lorica, and pension provider Aegon to ensure that all employees were aware of the coming changes. Lorica provides one-to-one financial advice sessions for all Pall employees; Tracey credits this as contributing to the high take up of the pension because only 200 of its 1,800 employees were not members of the GPP prior to its auto-enrolment staging date.
With staff working across a range of disciplines including manufacturing, sales and research and development, Tracey recognised that the organisation could not communicate enough.
“[Employers] need to keep talking to employees and engage everyone as soon as possible,” advises Tracey.