Clarks has appointed Aviva, a trusted and well-known UK pension provider, to run the new Plan.
I'm in NEST
We are pleased to confirm that we are launching the new Clarks Flexible Savings Plan as outlined in the consultation. For you this means you can get higher company contributions to your pension, more choice on how you take your benefits and more flexible options to help you save in the future.
The decision has been made that we will implement the changes for NEST members as outlined in the consultation. We will:
- End your participation in NEST on 31 July 2018. This means you will become a deferred member of NEST and your pension savings up to the closure date will be preserved in NEST and will be available to you at retirement.
- Any contributions which you and Clarks have paid into NEST up to 31 July 2018 would remain in your NEST account. If you want to, you can transfer the money in your NEST account into the Clarks Flexible Savings Plan or into any other registered pension scheme. You would need to contact NEST to arrange this – you can find their details at www.nestpensions.org.uk.
- Launch a new defined contribution pension plan, the Clarks Flexible Savings Plan, with generous matching company contributions and full flexibility at retirement, which is open to all our employees. The new Clarks Flexible Savings Plan will be run by Aviva. You will become a member of the new Plan from 1 August 2018.
- Offer you flexibility over how you spend your contributions, to help you build up savings and take benefits in a way that works best for you. Once you have saved a minimum amount into your pension, you can pay some contributions into a workplace ISA with Aviva.
There are two areas where we have changed our original proposals, which may be of interest to you:
- Flexible workplace savings. We have amended our original proposal in terms of how much can be saved into an ISA, once you have paid a minimum 4% contribution into the new Clarks Flexible Retirement Plan. See the Q&As for details.
- Flexible retirement. Following feedback during consultation we have agreed that all employees will be able to draw their benefits from the Plan from age 55 and continue to work at Clarks, if they wish.
For now, you don’t need to do anything. You will be enrolled into the Clarks Flexible Savings Plan on 1 August 2018. Clarks has appointed Aviva, a trusted and well-known UK pension provider, to run the new Plan on behalf of Clarks.
In conjunction with Aviva, we will provide more information about the new Plan in due course, including:
- full details of how the new Plan works;
- your contribution and investment options;
- more information on the new additional savings options including ISAs.
We will also hold presentation/video sessions in May and June, to give you more information about the Clarks Flexible Savings Plan and answer any questions you may have.
Answers to your questions
Clarks Flexible Savings Plan
Aviva will provide online and face-to-face sessions to Clarks employees in May and June, giving you more information about the Clarks Flexible Savings Plan and answering any questions you may have. They will also send a booklet about the new pension to your home address, so please do make sure we have your latest details.
Flexible workplace savings
As part of the new Clarks Flexible Savings Plan we are allowing members who have paid a minimum amount into their pension, to save some of their extra contributions into an ISA as well as pension.
Under our original proposals, if the total paid into your pension account was at least 9% of Basic Pay, you would be able to choose to pay the balance into an ISA (Individual Savings Account). As a result of feedback raised during the consultation, we have sought to find a balance between the immediate savings needs of our employees and their long-term financial security.
Therefore, our original proposal has been amended so that while one half of the balance can be paid into an ISA, the other half will be paid into the member’s pension account.
| If you paid (% of Basic Pay) |
Clarks would pay (% of Basic Pay) |
Total paid into your pension account (% of Basic Pay) | Total paid into your
pension account (% of Basic Pay) |
% of Basic Pay
that is paid into an ISA |
|
| 2% | 5% | 7% | |||
| 3% | 6% | 9% | |||
| 4% | 7% | 11% | or | 10% | 1% |
| 5% | 8% | 13% | or | 11% | 2% |
| 6% | 9% | 15% | or | 12% | 3% |
| 7% | 10% | 17% | or | 13% | 4% |
| 8%* | 12% | 20% | or | 14% | 6% |
*only applicable to members of Plan 35 who consent to the changes
The workplace ISA will also be provided by Aviva. Once you have been enrolled into the Clarks Flexible Savings Plan, Aviva will send you details of how to select the ISA option. Remember, you have to choose to pay at least 4% of your Basic Pay into the Clarks Flexible Savings Plan before you can start to use the ISA.
Get in touch
Please use the contact box below to get in touch with us. Please don’t include personal financial information in your comments as this link is not secure.
Other ways to get in touch
Email: pensionshelpdesk@Clarks.com
Call us: 01458 842664
You can also write to us at:
Clarks Pensions Department, 40 High Street, Street, Somerset BA16 0EQ, Internal Box 123.