Date posted: 01/06/2005
This Notice will be of particular interest to:
- HR Managers and policy teams
- Payroll managers
- To add employer contributions to payslips, where this is not already done
- To use the enclosed model office notice to explain the contribution to members, inserting the appropriate information
- To insert the enclosed new EPG pages in Section 5.
Timing: As soon as is practicable
- We are working with employers to deliver a 3-year Communication Strategy aimed at increasing members’ awareness and appreciation of their pension provision and encouraging them to plan for their retirement.
- The majority of scheme members are not aware of how much it costs to provide their pension scheme benefits. They only see their own contribution. They may be aware that their employer makes a contribution too, but they do not realise how much this is.
The cost of pensions
- So that members better understand and appreciate the value of your employer expenditure on pensions, we recommend that you arrange with your payroll provider to show the contribution that you make as employer on your staff payslips.
- The new EPG section 5.3 enclosed sets out points to consider in consultation with your payroll provider. A model office notice to explain to members the changes to payslips is attached as an Annex to Section 5.3. You should issue it before the change is made, customising the notice as indicated in the areas highlighted in red bold italics.
If you want more information about the content or distribution of this EPN, or would like to receive it in a different format, for example by email, then you should contact:
Employer Helpdesk firstname.lastname@example.org 01256 846414