Pension News Royal London Launches ‘double Matching’ Pension Plan
01 September 2005
Royal London has launched a new ‘double matching’ pension plan for its new employees – a scheme which could be matched by other companies.
The leading mutual life and pensions company will use a new defined contribution pension arrangement designed to give new employees the opportunity to invest in one of the most flexible retirement packages of its kind.
Effective from today, the new scheme includes the employer contribution of twice the level of the employee contribution, as well as a £200 voucher available to every employee in order to seek advice from an independent financial advisor (IFA).
John Hume, human resources director at Royal London, said: “We have put a lot of thought into designing a package which is both attractive and flexible in its approach, and we’re very pleased with the result.
“An important part of the package is the £200 available to each new employee to get advice from an Independent Financial Adviser. This will help ensure employees select the most appropriate package for their personal circumstances, and plan sensibly and appropriately for the future.”
Current employees will also have the option of switching to the new scheme if they wish.