Deloitte announces new flexible pension measures

Deloitte UK has announced plans to provide greater pension flexibility to its staff, with workers to be given the choice to receive an additional cash payment in lieu of the firm's pension contribution.

The move, alongside improvements to family policies, is the latest in a series of measures intended to provide people with more flexible and inclusive workplace policies.

Under the new flexible pension policy, Deloitte workers will be able to receive an additional cash payment as part of their regular pay if they choose to do so instead of receiving the firm’s pension contribution.

Deloitte will also be providing pension modelling tools to its staff and undertaking an annual re-enrolment of the pension to safeguard people’s choice.

Announcing the changes, Deloitte stated that it while believes saving for a pension is important, it wanted to provide choices for those who would value flexibility.

Indeed, the new measures were based on feedback from surveys of Deloitte’s workers, which revealed that flexibility, trust and inclusion were all valued as part of their work.

In particular, the changes were informed by a Deloitte survey of 4,000 UK private sector employees, which found that employees value temporary flexibility and choice around their pension contributions, with the option to access that money for other financial priorities.

Deloitte UK managing partner for people and purpose, Jackie Henry, commented: “Saving for retirement remains incredibly important however we know from listening to our people that some would value flexibility and choice around their pension contributions.

“There may be individuals, who in the short term, want to have the flexibility to receive the firm’s pensions contribution as part of their regular pay, for instance to help supplement savings for buying a first home.

“We know that our people are a diverse group of individuals – with many different priorities – and we hope today’s measures give them more choices to support their needs.”

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