The UK Branch of HDI-Gerling, the German industrial insurer, has selected Friends Provident to supply a new group stakeholder pension scheme for its UK employees.
The new scheme replaces the company’s existing GPP scheme, provided by Aviva, and follows the closure of the company’s final salary scheme. Through the
Friends Provident scheme, HDI-Gerling’s UK employees will have immediate access to a single pension solution tailored directly to their individual needs.
HDI-Gerling, following an extensive review of its existing arrangements, selected Friends Provident to implement and manage its new stakeholder scheme.
All of HDI-Gerling’s employees are eligible to join the new scheme either with immediate effect or at a chosen time in the future. To ensure a seamless transition of contributions for those employees who wish to join the new scheme, Friends Provident has overseen the changeover process including staff communications.
Richard Taylor, UK Managing Director commented: “HDI-Gerling is committed to providing a competitive level of benefits to our employees. Our new consolidated pension plan, which has been specifically created for HDI-Gerling by Friends Provident, offers a straightforward joining process that we are confident will encourage take-up. The new support programme, which Friends Provident has designed for our employees, includes a selection of online management tools that will enable them to take full control of their own retirement.”
Russell Welsh, head of UK corporate pensions sales for Friends Provident added: “We are delighted to support HDI-Gerling in providing its employees with a consolidated, flexible pension offering. In today’s climate particularly, it is encouraging to see an employer fully embrace flexible pension arrangements. We look forward to working with the HDI-Gerling team to refine our proposition to support their efforts in this.”
