UK - Retail giant Marks & Spencer is preparing to "go live" with its defined contribution scheme from April 1.
The plan, run by Threadneedle Investments and Scottish Life, offers a two-for-one contribution rate and is open to all M&S staff who have been with the firm for more than one year.
Group pensions manager and secretary John Peachy said the firm opted for a one-year vesting period because of the high turnover of staff.
He added that the pensions team had embarked on a major communications programme during the past year in an attempt to encourage new staff to join the scheme.
But Peachy conceded that he expects the majority of take-up to come through word-of-mouth.
“Most of our staff are part-time female workers. You have to convince them to fork out part of their pay to come into the pension scheme.
“Gradually, as they realise the benefits of the scheme, they will start to join, but it is word of mouth as well as our own communication that will make this happen.”
Threadneedle will be offering active, passive and specialist active funds through its multi-manager product and the administration will be provided by its partner, DC Solutions, the specialist DC administration division of Scottish Life.
This week's edition of Professional Pensions is out now
MPs failed to place legislation into the Financial Guidance and Claims bill that would have made pension guidance default, which Just Group director Stephen Lowe said left a "bitter taste".
Aegon has called for the government to double the tax exemption on employer-arranged pension advice, up from £500 to £1,000.
Institutional investor confidence in Europe rose by 8.9 points in April with each region showing growing appetite for risk, according to State Street Global Exchange.