Hi all - Happy Friday :)
I have recently been discussing pensions with my colleague who manages employee benefits and we are considering moving our pension scheme from a defined benefit to a salary sacrifice scheme. We understand the advantages this would bring to both the company and the employee, but I also want to make sure I look into any problems this could casue.
I am now looking into what steps I need to take to advise employees and gain their consent, as I believe it would require an update to their terms and conditions.
Has anyone been involved in this kind of change before? I would be really interested to understand the process you followed, things you considered and also what changes you made to the contracts.