Case study fact file:
Mashfords is a boat builders and repair company in Cremyll, Cornwall. The majority of its work is commercial with some private clients.
The company employs 31 staff and was aware of its workplace pension obligation but as with many SMEs time was tight, and after receiving slow advice previously they contacted Steve Ansell. Steve was recommended to the company by a member of staff who was an existing client.
The staging date was originally 1st October 2015 and Mashfords deferred for the full 3 months to give the opportunity to assign a scheme so as not to complicate the company’s 2014-2015 accounts.
Mashfords chose to engage on Manning and Company’s Employee enhanced bespoke package and given the timescale initially they were enrolled by Steve onto a Mastertrust pension scheme which offered a good return.
Mashfords are now in the process of changing to a Royal London pension on Steve’s advice.
Implementing the scheme
Steve was able to sit with Mashfords’ employees individually and offer advice on their pensions. Staff have been helped to find old pensions, realise the pensions values and to assess if their schemes need to be moved into the current pension.
Advice has also been given to employees on life insurance policies and savings.
According to Mashfords this is independent advice their staff would not have sought otherwise.
As a result staff have found they have funds in pensions they were unaware of and this has added value for the employees.
Steve Ansell, IFA at Manning and Company said
As soon as Mashfords approached me it was clear that the turnaround was tight. There were only a few months to assign a workplace pension so I was able to make sure that they were compliant in the time frame with the view of looking for another scheme at a later date, which we are now in the process of doing.
Rhyan Gaulton of Mashfords said
The help from Steve was superb. We feel we would have missed our staging date had it not been for his advice and quick work. It was an easy transition because of the guidance from Steve and the assistance provided by him.
To find out more about company pension schemes, and for guidance regarding your responsibilities under the new pension regulations, get in touch with Manning and Company today on 01752 837950.