Deloitte UK offers its people more choice around pensions and improved family policies has been saved
Deloitte UK offers its people more choice around pensions and improved family policies
04 October 2022
- Move is latest in Deloitte’s drive to offer inclusive and flexible policies for its people
Deloitte today announced to its 22,000 UK people that they will have greater choice in how they receive the value of the firm’s pension contribution. This will help to meet individual needs and expectations with a cash alternative becoming an option.
The move, announced alongside improvements to family policies, is the latest in a series of measures intended to provide people with more flexible and inclusive workplace policies. This includes the introduction of flexible public holidays, the option for colleagues with the right to work overseas to do so, and last year’s launch of Deloitte Works, the firm’s hybrid work policy which gives people the choice of when and where they work, in balance with their professional and personal responsibilities.
Jackie Henry, managing partner for people and purpose at Deloitte UK, 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.”
The new flexible pensions policy means that Deloitte’s people will be able to receive an additional cash payment as part of their regular pay if they choose to do so instead of receiving the firm’s pension contribution. Deloitte believes saving for a pension is important but wishes to provide choice for those who would value flexibility. Deloitte will be providing pension modelling tools to its staff and undertaking an annual re-enrolment of the pension to safeguard people’s choices.
Deloitte also announced a range of enhancements to its existing family policies, including improving parental leave as well as bereavement and baby loss leave.
Henry added: “Taking care of our people at all the important life stages has never been so important. The improvements we’re announcing today will help make the firm a more inclusive place to work and ensure that we’re putting our people’s wellbeing first.
“We have undergone a comprehensive review of all of our people policies. We want to give our people the best support at these important times in their lives.”
Measures announced today are based on feedback from surveys of Deloitte’s people, which have shown that they really value flexibility, trust and inclusion as part of their work. They have also been informed by a Deloitte survey of 4,000 UK private sector employees which found that employees value temporary flexibility and choice around their pension contributions, with the option to access that money for other financial priorities, for example to help with home deposits*.
Details on family policies changes include:
Enhanced parental leave
Deloitte has increased the length of its enhanced maternity and adoption pay from 16 weeks’ full pay and ten weeks half pay to 26 weeks full pay. In addition, Deloitte’s people will now be eligible for enhanced maternity, paternity and adoption from their first day of employment at the firm.
Deloitte also announced that it is increasing bereavement leave for immediate family members from two days to two weeks paid leave. For parents who experience the loss of a pregnancy or baby, their entitlement will change from two weeks’ paid leave after week 24 of pregnancy, to two weeks’ paid leave for loss at any time during pregnancy.
Deloitte is introducing guidance to support those affected by the menopause. Deloitte’s new single cover Private Medical Insurance, effective for all its people from 1 January 2023, will include a ‘Menopause Plan’, offering anyone going through the menopause tailored medical support.
Notes to Editors
* All sourced from Deloitte survey of 4,000 UK-based private sector employees conducted by YouGov in April 2022.
Support for working parents
- Our Working Parents Transitions Programme helps parents and their team leaders manage the transition into parenthood as smoothly as possible, regardless of whether they are becoming a parent for the first time or adding to their family.
- Our enhanced pay for shared parental leave is equal to the enhanced pay we offer at the equivalent point during maternity, adoption and surrogacy leave.
- If a parent’s primary childcare arrangements have fallen through unexpectedly we provide emergency back-up childcare, for example: a day at nursery, a childminder, holiday club or nanny/home carer. We offer five fully-subsidised and five part-subsidised sessions per year. Deloitte’s Working Families network connects parents, prospective parents and carers across the firm so they can share best practices, resources, ideas, information, and sometimes just simply swap stories.
- Proud Families is a support network for the whole spectrum of LGBTQ+ families at Deloitte including employees with LGBTQ+ family members (children, siblings, parents), LGBTQ+ parents and LGBTQ+ colleagues considering growing their family.
- Our 24/7 external Advice Line provides free confidential and independent support and advice for all our people, partners and their immediate families.
- Our approach to agile working is underpinned by three simple principles – trust and respect; open and honest communication and judging solely on output. We offer formal agile arrangements (such as part-time working, annualised days, and our Time Out programme) and informal agile arrangements (such as working from home or informally flexing hours) – the key is that this works for both the individual and the business.
- Our Annualised Days working option enables our people to have an irregular working pattern throughout the year – you could work on a seasonal basis for example, or work only during term-time, with the latter making it particularly attractive to working parents.
- Deloitte’s Time Out scheme enables employees to take a four-week period of unpaid leave once a year, for any reason, at a time that suits them and the business. Our aim is to ensure that all our people are able to balance their lives outside work with a successful and fulfilling career.
In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.
Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.
The information contained in this press release is correct at the time of going to press.
For more information, please visit www.deloitte.co.uk.