Clarks has appointed Aviva, a trusted and well-known UK pension provider, to run the new Plan.
I'm not in a Clarks pension scheme
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 if you join our pension, and you’ll have 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 as outlined in the consultation. We will:
- 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. This is the scheme you would join if you were automatically enrolled in the future. The new Clarks Flexible Savings Plan will be run by Aviva.
- 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.
You don’t need to do anything. We’ll hold presentation/video sessions in May and June, to give our employees 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.
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. If you join the Clarks Flexible Savings Plan in the future, 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.