Deloitte to let UK staff cash in on pensions with new flexibility policy

Deloitte is set to let its UK staff take their pensions contributions as cash payments on top of their salaries as part of a new “flexible pensions” policy announced by the firm today.

The accounting firm today told 22,000 of its UK staff it will let them receive cash payments on top of their pay cheques, in place of employer pensions contributions, City A.M. understands.

Deloitte’s flexible pensions policy is intended to give extra choice to staff by letting them use their money for any purpose they see fit – such as by putting it towards a deposit on a home.

At a town-hall meeting, Deloitte UK managing partner Jackie Henry said: “Saving for retirement remains incredibly important however we know from listening to our people that some would value flexibility and choice around their pension contributions.”

“There may be individuals, who in the short term, want to have the flexibility to receive the firm’s pensions contribution as part of their regular pay, for instance to help supplement savings for buying a first home.”

“We know that our people are a diverse group of individuals – with many different priorities – and we hope today’s measures give them more choices to support their needs.”

Alongside its flexible pensions policy, Deloitte told staff it is set to bolster its existing family policies, by extending its parental leave, bereavement, and baby loss leave policies.

The Big Four firm will now let staff take 26 weeks of parental leave on full pay, having previously offered staff 16 weeks of full pay and a further ten weeks of half pay.

Deloitte will also extend its bereavement leave offering from two days to two weeks, whilst workers who experience the loss of a baby at any stage of pregnancy will now be given two weeks of paid leave.

“Taking care of our people at all the important life stages has never been so important,” Henry said. “The improvements we’re announcing today will help make the firm a more inclusive place to work and ensure that we’re putting out people’s wellbeing first.”     

Deloitte’s pensions policy comes as the latest in a series of flexibility-focused initiatives offered by the firm, including its remote working policy and its offer to let staff take bank holidays at any point in the year.  

Deloitte’s new benefits come as a battle for talent amongst the UK’s top companies has seen professional services firms work to win over top workers by offering increasingly high salaries, and increasingly attractive perks.