Companies offering Employer Matched Contributions & Employers NI

Cobbler_tone

Marcon said:

Cobbler_tone said:

Not forgetting that most companies don’t aim to be the ‘best employer’ in terms of the package. Retention is not the no.1 goal and gone are the days for wanting someone staying at the same company (and potentially role) for 20 years.
Most companies will have pros and cons, hopefully with some attractive benefits, or straight up salary.
Don’t Tesco still run a DB pension? Probably not the best employer out there.
My company (in the 90’s) used to be renowned and proud of being in the upper quartile. Now we openly say that we benchmark and want to be a good employer but no where near the top. I’d probably say better than average these days, depending what measures you want to use. I’m a ‘lifer’ but those numbers have massively dwindled. The young uns soon move up or out for a bigger pay cheque doing the same role. My benefits have eroded over the years but I understand exactly why. The golden era is over!

Tesco's DB scheme closed a decade ago.

Noted, or the small handful that do. Then there are civil servants. The pension may be decent but doesn't make them the best all round employer. Alternatively, we'd all be teachers or join the army etc.
If you have an employer putting in 6%+ you are doing OK.

Simon11

My firm is in the FTSE 350 within transport & logistics. They pay up to 12.5% if you put >10% in yourself which is a great deal and a reason why I joined once you quickly did the maths.

Wish more people (not just young people) took notice of these types of benefits in their assessment of the package!

Marcon

Cobbler_tone said:

Marcon said:

Cobbler_tone said:

Not forgetting that most companies don’t aim to be the ‘best employer’ in terms of the package. Retention is not the no.1 goal and gone are the days for wanting someone staying at the same company (and potentially role) for 20 years.
Most companies will have pros and cons, hopefully with some attractive benefits, or straight up salary.
Don’t Tesco still run a DB pension? Probably not the best employer out there.
My company (in the 90’s) used to be renowned and proud of being in the upper quartile. Now we openly say that we benchmark and want to be a good employer but no where near the top. I’d probably say better than average these days, depending what measures you want to use. I’m a ‘lifer’ but those numbers have massively dwindled. The young uns soon move up or out for a bigger pay cheque doing the same role. My benefits have eroded over the years but I understand exactly why. The golden era is over!

Tesco's DB scheme closed a decade ago.

Noted, or the small handful that do. Then there are civil servants. The pension may be decent but doesn't make them the best all round employer. Alternatively, we'd all be teachers or join the army etc.
If you have an employer putting in 6%+ you are doing OK.

You're making the mistake so many people on this site make: taking pension contribution rates out of context. Which is the better overall: basic pay £25,000 with 10% employer contributions, or £30,000 with 3%?

Cobbler_tone

Marcon said:

Cobbler_tone said:

Marcon said:

Cobbler_tone said:

Not forgetting that most companies don’t aim to be the ‘best employer’ in terms of the package. Retention is not the no.1 goal and gone are the days for wanting someone staying at the same company (and potentially role) for 20 years.
Most companies will have pros and cons, hopefully with some attractive benefits, or straight up salary.
Don’t Tesco still run a DB pension? Probably not the best employer out there.
My company (in the 90’s) used to be renowned and proud of being in the upper quartile. Now we openly say that we benchmark and want to be a good employer but no where near the top. I’d probably say better than average these days, depending what measures you want to use. I’m a ‘lifer’ but those numbers have massively dwindled. The young uns soon move up or out for a bigger pay cheque doing the same role. My benefits have eroded over the years but I understand exactly why. The golden era is over!

Tesco's DB scheme closed a decade ago.

Noted, or the small handful that do. Then there are civil servants. The pension may be decent but doesn't make them the best all round employer. Alternatively, we'd all be teachers or join the army etc.
If you have an employer putting in 6%+ you are doing OK.

You're making the mistake so many people on this site make: taking pension contribution rates out of context. Which is the better overall: basic pay £25,000 with 10% employer contributions, or £30,000 with 3%?

Mistake? You must be confusing me with someone else. 
I'm well versed on what makes a good package. Full context is everything and might be sensible to join the one paying £25k and push yourself a little up the ladder (or do some overtime) to earn £30k plus. I fully cost headcount and know my employees cost on average £20k more than what their salary is. 

hugheskevi

Marcon said:

wjr4 said:

This is a pointless exercise. 

Quite. I think we can assume HR teams/remuneration committees will be fully aware of what competitors offer - and what they need to offer to attract and retain the talent they need.

Indeed - previous studies have shown that a key determinant of what pension an employer is likely to offer is what is offered in the employment sector of the business, and what is offered by their competitors with whom they will be competing for staff.

Most employers aim to have a pension offering that is typical for their sector - they neither want to be market leading nor market lagging. The exception being for their most senior staff, when individual remuneration package negotiation is normal.

The thing I have found most odd that if an employer were to offer a DC pension with salary sacrifice that can be amended frequently and passes on all the employer NI saving, this would enable the employee to fully flex their remuneration between pay and pension (and anything else available). In that case, paying anything above statutory minimum simply removes individual choice to have a lower pension and higher pay. Yet if an employer were to offer this arrangement, they would be labelled as a very ungenerous employer due to the statutory minimum pension contributions, as though somehow higher pension contributions were a freebie and not part of overall remuneration. Most will ignore or not be capable of understanding the maths, and fail to understand the wider picture.