The pseudo 'stakeholder' pension scheme set up by the Amalgamated Engineering and Electrical Union is to receive it first contributions.
Manchester-based coatings company Northpoint has announced it will join the scheme in July. The company will contribute £40 a month per employee, while employees are expected to contribute £20 a month.
The AEEU scheme is open to all the Union's members who do not have access to an occupational pension.
The scheme which was developed in conjunction with Friends Provident has 100 per cent of members contributions invested, has no bid/offer spread, no policy charges and no penalties for stopping or varying contributions.