Typically head office and management employees receive a salary whilst the care workers are paid hourly working to a rota.
Following a review of the existing group pension scheme, an auto-enrolment solution was needed to comply with their automatic enrolment duties. This would need to cater for the two different types of worker in the company.
A bespoke pension set-up was required to support the company’s objective within the legislative framework. This needed to be communicated effectively throughout the organisation for the scheme to obtain successful member outcomes, particularly given that the majority of employees weren’t pension scheme members previously.
Most of group pension’s product providers were not offering a flexible ‘one scheme fits all’ benefit that could be used throughout the organisation. Implementing a single system would’ve meant fewer investment options for existing pension members, less support services and flexibility. Therefore a bespoke system was needed.
We provided brokerage and consultancy to establish two schemes, ensuring each was tailored exactly to both types of worker at Hallmark, and we also obtained an improved management fee.
We successfully negotiated terms for a Group Personal Pension Plan with Scottish Life (Royal London) for salaried staff, and the People’s Pension for those paid hourly.
914 workers enrolled in August 2014 across two schemes
20 members chose to opt into the scheme before the deferral date
Effectively provided brokerage and consultancy to establish two bespoke schemes
Tailored the schemes specifically towards both types of worker in the company
Improved management fees
Successful negotiation of terms following a re-design of the contribution structure
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