EXCLUSIVE: Links of London has seen 0.8% of its auto-enrolled employees opt out of its new group personal pension (GPP) plan since its staging date on 1 November 2013.
The British jeweler, which is part of the Folli Follie Group, has 75 outlets across the UK and employs around 500 employees.
It launched the new GPP on 1 October, automatically transferring 85 employees who were members of its previous GPP, which did not fit the requirements for auto-enrolment.
Sign up to our newsletters
Receive news and guidance on a range of HR issues direct to your inbox
Around 50% of its 100 head office employees had been enrolled in the previous GPP, while only 24% of employees in its retail stores were pension members.
On its staging date, 300 employees were auto-enrolled, of which just four have (0.8%) opted out.
The organisation’s pensions consultancy, Secondsight, hosted presentations for employees, which took them through how a pension scheme works and the changes taking place.
Supporting communications, including letters and newsletter articles, were sent to all staff, and posters were displayed around the organisation’s retail outlets.
Louise Ellis, HR director at Folli Follie Group, UK and Ireland, said: “Pensions can be a complicated subject, but Secondsight made sure that everything was written into plain English and staff received clear communications.
“At all stages, we have worked to empower and educate employees, showing them the visibility of the funds they have invested in, as an example. I believe it is this level of engagement that has led to the increased take up.”
Matthew Mitten, senior partner at Secondsight, added: “When we initially met with Louise and the HR team at Links of London, we realised that the pension scheme already in place would not fit in with the requirements for auto-enrolment.
“A comprehensive review of the market enabled us to choose a new provider that would meet the businesses requirements and with no extra costs being incurred by the organisation.”