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Morrisons hires administrator for new cash balance scheme

31 August 2012

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Supermarket chain Morrisons today announces it has entered into a five-year contract with Capita Hartshead to provide pension scheme administration and auto-enrolment processing for its brand new cash balance scheme.

The new scheme, branded 'Morrisons Retirement Saver Plan', will be established before the staging date of 1 October. It will be administered from Capita Hartshead's HQ in Sheffield

Morrisons is one of the first four large UK employers to have a 1 October 2012 staging date. Around 120,000 Morrisons employees will be given the opportunity to join the scheme. 

"The straight-forward online opt in and opt out solutions, together with quality and value, were important factors in awarding Capita Hartshead the contract," said Wendy Taylor, head of central HR services for Morrisons. She added that the firm is committed to using very easy-to-use tools for its staff to make saving for their retirement as easy as possible.

Paul Sturgess, client strategy director for Capita Hartshead, said: "Working with Morrisons to help it meet its auto-enrolment duties is a significant opportunity for us.  Morrisons is a great high-street brand and the imaginative solution it has developed will almost certainly create an industry blueprint as more businesses approach their staging dates."

The contract starts with immediate effect.

 

First published 28.08.2012

azeevalkink@wilmington.co.uk