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Travis Perkins Group launches pensions master trust

22 August 2012

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The Travis Perkins Group is to launch a pensions master trust with Standard Life, combining all its contract- and trust-based schemes into one.

The new scheme, which will be entitled the Travis Perkins Group Retirement Savings Plan, will launch in September of this year, well in time of the company's auto-enrolment staging date of March 2013.

The new scheme of the organisation, which provides building and home improvement materials, will be compliant with all the auto-enrolment responsibilities and will be available to all 25,000 existing employees, as well as new members.

Its default investment option, the Standard Life Passive Plus III Strategic Lifestyle Profile, is said to be "a flexible and dynamic lifestyle strategy" and will be based on Standard's MyFolio range.

Standard Life was chosen to provide the scheme to Travis after the builders merchant held a tender, review and consultation process. The firm will take care of the scheme's administration, its investment platform and member communications.

Pitmans Trustees has been appointed as independent trustees for the scheme.

Deputy company secretary at Travis Perkins Group, Stella Girvin, said: "We were keen to establish an open and collaborative relationship in order to build on the existing pension benefits we offer our employees, and develop engaging communications through multiple channels."

Jamie Jenkins, head of workplace strategy at Standard Life, added: "It was clear from the start of our discussions with Travis Perkins Group that it is a forward-thinking employer that cares about its employees. We are delighted to be working with it to deliver a trust-based scheme with a flexible investment solution and a communication programme that meets both its employees' needs and its auto-enrolment responsibilities as an employer."

 

First published 22.08.2012

azeevalkink@wilmington.co.uk