SPP Pumps decided to use its existing adviser firm, Barnett Waddingham, to work on its auto-enrolment strategy.
Terry Newby, operations director at SPP, says: “We are a relatively small company and have no HR function, so as long as Barnett Waddingham appears to be doing the right thing by us, we are happy to stick with it.”
Before working with Barnett Waddingham on its auto-enrolment strategy, SPP was helped by its trade union, the Engineering Employers Federation, which ran seminars on the reforms. Newby also brought forward SPP’s staging date from February 2014 to January 2013.
A tripartite arrangement between SPP, Barnett Waddingham and the employer’s pensions provider, Aegon, was established, with both providers taking part in an employeecommunications campaign.
SPP’s contract-based defined contribution (DC) scheme has been restructured into a dual plan, with a legacy stakeholder section for existing members and a section for new joiners, offering lower contribution rates.