Gatwick To Formulate Auto-Enrolment Plans in Next Couple of Months
01 October 2012 (PLANSPONSOREurope.com) – Gatwick Airport will settle on a pension adviser for auto-enrolment at a board meeting in the next few weeks, according to Paul Instone, head of finance operations.
The firm will auto-enrol its 2,600 employees in August next year, but has yet to assure itself its existing schemes are fully compliant under the legislation.
Instone told PLANSPONSOR Europe the firm has yet to settle on a strategy auto-enrolment, but already puts all new starters into a scheme, so he believes it is “ahead of the game”.
But admitted a “big issue” is whether the airport’s schemes, both our DB and DC, are compliant?
“We have to set up the process of auto-enrolling those who are not currently in a pension scheme,” he said.
LCP was appointed as pension adviser following BAA’s sale of Gatwick to Global Infrastructure Partners (GIP) for £1.51bn in October 2009.
Instone added he thought it would be “silly” to ditch the firm, but claimed the board was not decided on the matter.