UK - Diageo pension scheme members have given a thumbs down to money purchase schemes and applauded the firm for retaining defined benefit provision.
A survey carried out by the scheme showed all members – irrespective of position and age – had a negative perception of DC schemes with 55% claiming they would make it harder to plan for retirement.
Communications and development adviser Stuart McCulloch said: “Diageo is committed to offering great pensions benefits and we believe the benefits we offer are top class.”
Members also liked the company’s website, which receives an average of 100 hits a week. Nearly three quarters of site users – 72%– described it as good or excellent and 82% felt email communication with the pensions department is effective.
McCulloch added: “Soon we also intend to put personalised information on to the website so people have access to their own accounts, start doing some benefit modelling, and eventually transactions.”
Communication was also highly rated with 62.1% of respondents saying they understood scheme benefits.
The survey found a high level of consistency in all communications, with 67% of people saying they are satisfied overall with the range and quality of information available to them.
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