Employees of Tate & Lyle Sugars make dual savings when contributing to their pension
Tate & Lyle Sugars’ employees are encouraged to make dual savings when contributing to their pension – via a salary sacrifice scheme.
During a launch last year of a new benefits portal, Tate & Lyle Sugars announced that they would grow the benefits offering and introduce three salary sacrifice initiatives, one of which is the pension.
Working with Secondsight to launch the initiative, Edward Okpiabhele, compensation & benefits manager organised a series of presentations in Tate & Lyle Sugars’ three UK sites to encourage employee understanding and engagement. “By the time we held the second session there was a dramatic increase in numbers of attendees – in the end, over 70% of our employees were attending the workshops,” says Okpiabhele.
The result has been that many employees have doubled their pension contributions from 3% to 6%. Okpiabhele is delighted: “It has really engaged people with their pension and created a buzz for them to contribute more and really value the scheme.”
The firm has found that there is now a great deal of employee appetite for financial wellbeing – not just their pension but in general. In 2016, the focus will be on providing the financial education the staff want.