Over 400 staff at well known pie producer Wrights have been given the chance to save for retirement through an auto enrolment scheme set up with the help of Richard Jacobs Pensions and Trustee Services.
Newcastle-under-Lyme based Richard Jacobs won a contract to help Wrights launch the first pension scheme in the company’s 88 year history.
Under the auto enrolment programme, employers have a duty to provide the option of a pension for all of their workers.
The programme is being staged over five years, depending on the size of the organisations involved, with companies with 350 to 500 employees, including Wrights, having to introduce a pension scheme by January, 2014.
Lisa Smith, company accountant at Wrights, said: “We didn’t have a pension provision prior to Auto Enrolment, so all of this was new to us. We obviously wanted guidance and having spoken direct to pension providers and brokers, chose Richard Jacobs Pensions.
“We felt Richard Jacobs would offer the best possible advice and not just come up with the easiest or cheapest option.
“With guidance from Richard Jacobs, we chose the People’s Pension as our provider.
“While our staging date was 1st January this year, we realised the importance of planning ahead and have been working with Richard Jacobs for 12 months.
“Organisation proved crucial as time was needed to analyse the needs of our workforce, assess the cost of the preferred scheme and communicate plans to staff throughout the process.
“Richard Jacobs assisted throughout and ensured that everything we did adhered to AE legislation.”
Emily Jacobs, a Director of Richard Jacobs Pensions, said: “Wrights were good to work with and made the process easier through their recognition of the need to plan ahead.
“It is important that employers provide for a lead in time of around 12 months. Companies must allow time for preparation work, for example, it can sometimes be difficult to gather data on all staff and it may be unclear how to treat some workers, such as agency staff.
“There are also consultation requirements to consider where employers are making changes to pension schemes.
“Leaving things to the last minute may mean they do not get the best deal in terms of management fees and that could have consequences in terms of how much money their workers will receive.
“Companies with between 50 and 57 employees have auto enrolment staging dates of March and April, 2015 and should act now to choose the right scheme for their companies and staff.”
ENDS
For further information contact Emily Jacobs on 01782 557800.
Notes to Editors:
Richard Jacobs Pension & Trustee Services Ltd was established in 1992 and operates from offices in Water Street, Newcastle-under-Lyme.
The company is run by Richard Jacobs, who has experience in financial services industry dating back to 1971, and Emily Jacobs a Director in the company and daughter of the founder.