All new entrants will be auto-enrolled into a lifestyle default fund, provided by Axa Winterthur, and will have a new simplified contribution structure.
The scheme has been introduced in response to criticisms that its previous scheme suffered from an overly complicated structure.
The new GPP offers a flat rate 3% employer contribution, and an additional matching percentage up to 5%. Staff contributions are uncapped.
In the original scheme, which continues to run, contribution rates were dependent on the employee’s age, salary and individual contributions.
Linklaters has also introduced salary sacrifice for the GPP, which has helped to offset the increased cost of introducing the contribution structure.
David Jones, reward and benefits manager at Linklaters, said staff were sent confidential emails and attended presentations to explain the options available. “Around 650 staff members attended and on the success of those presentations, we’re considering investing in educational presentations on wealth management options,” Jones said.
Approximately 85% of the firm are now in the GPP.
