Corona Energy’s Pension Scheme Initiative (January 2010) |
Employee Benefits -> EB Article Library
PRESS RELEASE
25 January 2010
Cartlidge Morland is pleased to announce that they have been appointed by Corona Energy to re-launch the company’s Group Personal Pension Scheme.
Corona Energy is a leading commercial energy supplier of natural gas to British based businesses. Corona Energy had an existing Group Personal Pension Scheme in place but it was some time since a systematic review to assess the scheme had taken place. Cartlidge Morland therefore undertook a thorough review of the pension scheme focussing on whether the scheme matched both Corona’s and their employees’ requirements.
Having taken into account employees’ desire for straightforward information, and the importance of including investment advice, it was decided to place the pension scheme with Aegon Scottish Equitable, complemented by the use of Cartlidge Morland’s Group Portfolio Investment service. This will ensure that members’ pension funds are regularly reviewed and that the employees’ attitudes to investment risk are fully reflected and maintained by the provision of quality investment advice.
The Group Personal Pension Scheme was re-launched to all employees, providing the opportunity to offer pensions education via workshops and followed up by one-to-one meetings. “Take up” by employees has been excellent with significantly increased staff engagement and revitalised interest by employees to plan for their retirement.
The employees at Corona Energy have also taken advantage of the benefits of Salary Sacrifice to fund their personal pension arrangements, thus maximising the value of the contributions invested. Whilst Cartlidge Morland’s investment advice continues to ensure members have a clear understanding of how their investment choices match their individual attitudes and expectations.
Rebecca Allin - Human Resources at Corona Energy, said, "We are very pleased to offer our employees a pension scheme which best serves their interests. Our staff have been thinking more carefully and clearly about their pension arrangements for the future, which is a positive outcome from the whole exercise. Another positive note was Cartlidge Morland’s administrative support provided by their dedicated team in Scunthorpe. They have been particularly helpful with all the detailed processing of scheme information.”
Demitrius Nurse, Partner Cartlidge Morland, said, “We are delighted to have implemented an excellent solution to Corona Energy’s requirements, especially with the impending arrival of Personal Accounts. We feel our straightforward approach to the communication of pensions information, which can on occasion seem complicated, has helped Corona’s employees consider and value their retirement requirements carefully and with understanding.”
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