MPS Builders Merchants pension scheme
Published: 02 November, 2012
WARWICK: MPS Builders Merchants has pre-empted the introduction of the pension auto-enrolment scheme signing up 30 of its staff members at its four sites up to a company pension scheme.
The pension auto-enrolment scheme currently only affects organisations employing more than 120,000 people but will eventually be phased in so that employers of all sizes must automatically enrol all employees in a company pension scheme.
MPS, which has depots in Birmingham, north London and Fareham, decided to get ahead of the game and consulted Harrison Beale and Owen to set up the scheme.
Martyn Smith, chairman and director, MPS, said: "We have always had a pension scheme at MPS but we felt it was important to refresh that with the impending changes in relation to auto-enrolment.
"I think pensions are something which is often overlooked by employees so it was good to be able to bring in HB&O to speak with our employees and help them to enrol onto the scheme earlier than would otherwise have been possible.
"Our employees reacted positively to the changes and our long-standing relationship with HB&O reassured us that we are not only doing the right thing, but doing it correctly."
The two firms have worked together for over 17 years, since MPS was founded in 1995.
Tom Driver, of HB&O's financial services team, said: "Auto-enrolment will soon apply to businesses of all sizes, so we would encourage all employers to beat the rush and get ahead of the game.
"Those failing to comply with the new legislation could face fines running into thousands of pounds, so it is important to act as soon as possible.
"MPS is a perfect example of a firm which has done the right thing. They sought professional advice early and have acted in the best interests of the company and its employees."