The Licensed Trade Charity, which owns and manages LVS Oxford has won an award for the way it has successfully implemented the auto enrolment legislation for pension schemes amongst its staff. The award, sponsored by PLANSPONSOR UK, was presented on 8th October at Asset International Inc. in London.
The Licensed Trade Charity owns and manages three schools, as well as a charitable arm, and has 364 staff in total. It currently operates two final salary pension schemes, one for teachers and one for non-teaching staff, both of which remain open to new members of staff. 114 staff were not in either of these schemes. The charity took the decision to maintain both and to encourage all those not in the scheme to take part. To motivate staff, the organisation held road shows during the lead up to auto enrolment and sought feedback from staff on barriers to them signing up. As a result the charity offered an alternative option to the final salary schemes, in a money purchase arrangement for those who were looking for a more portable scheme. As a result of the communications and the more flexible options being offered, 73 members of staff auto-enrolled and 20 joined the existing schemes.
Helen Watts, Director of Finance for the Licensed Trade Charity said “our organisation exceeds many employers in continuing to offer a final salary pension scheme, but we know that the benefits aren’t always clear to all staff. We worked hard to understand the barriers and have come up with more suitable and attractive options, which has resulted in a greater take up”.
James Redgrave, one of the judges said “ “These awards recognise employers that have gone the extra mile to offer a pensions solution to their staff that exceeds the legal obligation on them to do so. The Licensed Trade Charity impressed with its flexible approach to offering individual employees a pension structure to suit their ability to contribute, without sacrificing generous levels of employer input. Its communication of these options was also noteworthy. PLANSPONSOR would like to congratulate them on their success.”
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