Attracting and retaining Elvie's best and brightest with an improved pension

Elvie is a health-tech business who design and make products that improve the health and quality of life of women. 
Their stand-out products include a breast pump and pelvic floor training device.

Elvie’s challenge 
In September 2021, Elvie’s People team began a review of their benefits package, specifically looking at health and financial wellbeing, in response to anecdotal comments that new joiners had been disappointed by their current pension offering. Initially, the team wanted to explore how they could move beyond offering minimum contribution amounts and weren’t considering a change in provider. Through conversations with Penfold, they realised how little support they were receiving from Smart Pension and that coordinating pensions for the team didn’t have to be so stressful or time-consuming.

Penfold’s solution 
Through conversations with Penfold’s pension experts, Elvie aligned on increasing their contribution amounts from 3% and 5% to offering a matched contribution, 5% from them and 5% from the employee on total earnings. They’ve also been able to offer salary sacrifice for their employees - reducing both the business and their team members’ National Insurance tax bill.

Results 
Pensions have been elevated to a core part of Elvie’s retention and engagement strategy.
Elvie’s team are highly engaged in the new offering, as demonstrated by: 
- 66% of Elvie’s team have logged into the Penfold app
- 45% of Elvie’s team have requested a pension transfer to Penfold
- 20% of the team are contributing more than the company standard