As part of the competitive reward package we provide in each country, the type and level of pension we offer is influenced by the needs of our local businesses and the preferences of our people around reward – as well as local state provision and legislation.
In the UK, we offer an award-winning defined benefit scheme that provides a pension at retirement based on the employee's service and career average earnings. This means that our staff are provided with a secure and effective way to save for the future, something that we feel is increasingly important for businesses today. In fact, around 96% of our staff tell us that our pension scheme is a great way for them to save and 90% say it is an important influence on how long they stay with our business. And our scheme isn't just about getting a pension at retirement; it also includes life and ill health cover for every member, from day one.
We employ specialist investment firms to manage the assets in our pension schemes and strongly encourage them to manage the investments responsibly. This includes monitoring how they vote on corporate resolutions and the extent to which they consider environmental and social issues in their investment decisions.