Travis Perkins Group has appointed Standard Life to provide a master trust scheme for its 25,000 employees in advance of its 2013 auto-enrolment staging date.
Standard Life was chosen to provide the scheme after the builders merchant held a tender, review and consultation process. The scheme will bring together employees’ contract and trust -based pension plans, excluding final salary, subject to consultation.
The Travis Perkins Group retirement savings plan will launch in September and will be available to all new and existing employees.
The default investment option, the Standard Life Passive Plus III Strategic Lifestyle Profile, will be based on Standard’s MyFolio range.
Standard will provide the administration, the investment platform and member communications. Pitmans Trustees has been been appointed as the scheme’s independent trustees.
Travis Perkins deputy company secretary Stella Girvin says: “We were keen to establish an open and collaborative relationship in order to build on the existing pension benefits we offer our employees.”
Facts & Figures Financial Planners managing director Simon Webster says it is sensible for Travis Perkins to bring this in now, as it gives them an opportunity to test the scheme ahead of its official staging date.
But he says: “It is interesting to see that a large employer such as Travis Perkins, that is in the Nest target market, has gone somewhere else.”