Toshiba Information Systems (TIU), one of the UK’s largest electronics firms, has launched an innovative service that gives members of its DC pension scheme new levels of transparency and control over the present and future direction of their pension contributions.
The online pension service, one of the first of its kind in the UK, is designed to make detailed information freely and automatically accessible to staff.
“With this new online initiative, we’re demystifying the pensions process for our employees, giving them instant access to all the information they need to make the best decisions with the direction of their pension contributions,” said HR Manager, Susan Stevens.
“As well as benefiting staff, the service is hugely valuable to TIU, providing simpler, more cost-effective administration and improved communication with scheme members,” she added. It’s the latest milestone in TIU’s drive to make essential information, such as the employee handbook and payslips, easily available to employees via the company Intranet.
The online pension service enables employees to view their contributions anytime, online. Through electronic automation techniques, staff can find out full details about their pension funds in seconds – a process that previously took days when a projection was requested.
Employees can also make more informed decisions about their future pension strategy. For example, the service allows staff to model the future impact of adding contributions to their pension fund and for the first time, employees can access all their pension information – from newsletters to investment performance – in one place, online.
Flexible benefits package
The pension scheme is part of TIU’s innovative flexible benefits package where staff can ‘Pic ‘n’ Mix’ benefits to suit their lifestyle – from increased pension contributions to additional holidays. Staff retention at TIU is consistently above the industry standard.
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