MPS Builders Merchants, which has its head office in Warwick, has pre-empted the introduction of the pension auto-enrolment scheme by enlisting the help of financial experts Harrison Beale and Owen (HB&O) to help sign 30 of its staff members across its four sites up to a company pension scheme.
MPS supplies building materials such as clay and plastic drainage pipes, as well as a wide variety of ancillary items, to sub-contractors working on civil engineering projects ranging from airport development to highways construction.
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.
But MPS, which also has depots in Birmingham, north London and Fareham, decided to get ahead of the game after consulting HB&O, which has offices in Coventry and Leamington.
Martyn Smith, chairman and director of 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.”