Pension or cash? | Deloitte's decision to let staff access their retirement pot could help HR

Deloitte has launched a series of new work benefits which will include staff having the option to take their pension contributions as cash payments.

The firm announced yesterday that its 22,000 UK employees will be given a greater choice in how they receive the value of the firm’s pension contribution, allowing them to choose between the more traditional pension style – or a new cash alternative. 

The move, announced alongside improvements to family policies, is the latest in a series of measures intended to provide Deloitte's 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.