Removing pensions complexity: How MAPS Medical found clarity with Wingate.

The Background

Since 1999, MAPS Medical have helped hundreds of thousands of people who have been the victims of injury and disease by consistently delivering professional, reliable and cost-effective expert evidence to their lawyers and trade unions. They have grown to a team of 60 employees in London and place employees at the heart of their decision making.

Since their pension scheme started, they had been dealing with the same pension provider, and it came to a point where they needed to review and make a plan.

“We were experiencing ongoing issues with our existing pension provider, and it became clear that we urgently needed to review our position. As we had been with the same provider since the company’s inception, we required expert assistance to support this process.”

We sat down with Sian Flanagan, HR & Infrastructure Manager, to understand what it was like to work with Wingate to resolve their concerns.

The Goal

To review their current pension provider and scheme, compare them with alternative options to enable MAPS Medical to be able to make a confident decision genuinely benefiting their staff.

As this was not something MAPs Medical had undertaken before, there were some reservations as to how they would go about achieving this.

“As this was not something I had been involved with before, I wasn’t sure what to expect and anticipated the process might be long, difficult, and complicated. In reality, it was far simpler than expected. Richard made everything feel manageable and explained each step clearly and in an easy-to-understand way. He was always available to answer questions, and nothing ever felt like too much trouble.”

As part of a free review of their existing pension scheme, we spent time with Sian to understand exactly what had happened and what their ideal outcome would be.

The Issues

Our review identified potential risks:

• High annual management charges
• Poor ratings of their provider
• Salary exchange was not being used
• There had been no ongoing governance of the pension scheme
• Employees had no access to financial advice or guidance,
• Poor online functionality
• Information on performance of the default fund was poor
• Retirement options were limited

The Outcome

After completing our review, we highlighted areas to Sian that they should consider making changes in, to benefit both the company and the pension scheme members. Wingate was then appointed by MAPS Medical and we subsequently made a number of key recommendations.

We recommended they set up a new group personal pension plan with a new provider with ongoing pension services from Wingate and to implement salary exchange from outset of the new scheme.

The Benefits – Employer Impact

• The provider we recommended offered competitive pricing together with strong service levels.
• Increased confidence that employees were receiving an enhanced pension offering, with easy online member access, lower annual management charges, greater fund choices and substantially better options at retirement.

• Better customer service and communication from the new provider, through pre-built employee engagement campaigns and our ongoing employer support service.
• Reduced administrative burden for the HR team through reduced levels of member enquiries as Wingate provide direct employee support and guidance.
• Annual governance report and meeting with Wingate to ensure MAPS Medical are meeting standards for ‘good scheme’ guidelines, as established by The Pensions Regulator

The Benefits – Employee Impact

• Improved overall pension value, lower charges, wider fund choice and faster access to support and guidance.
• 52% reduction in annual management charges
• Dedicated pensions guidance through Wingate’s services meaning employees have access to support when they need it.

Our recommendations were adopted by MAPS Medical and the feedback has been positive:

“This has had a positive impact on staff overall, as well as reducing the administrative burden of managing the pension scheme. Communication and customer service with the new provider is much improved. I feel more confident that we are offering staff the best possible option in terms of pension.”

We now continue to work with MAPs Medical ensuring they can be confident their employee benefits are delivering value for their employees, their pension scheme has ongoing governance and they are working with an adviser they can trust.

“I would advise others not to hesitate in engaging Wingate for their knowledge, experience, and guidance. Having them readily available to answer questions or help resolve issues has represented excellent value for money. While I am by no means a pension expert, I didn’t need to be because Wingate handled all the technical aspects and presented the information in a clear, easy-to-understand way, enabling us to make a confident decision.”

The Bigger Picture

It is common for UK SMEs to work with the same providers for long periods. As you grow or the demographic of your people changes over time, you may find the pension scheme is no longer the right option for your organisation. Your pension scheme may have high annual management charges, lack of options for employees to choose how their money is invested, or even simply not offer different ways for your employees to access their money in retirement. If an employee has any of these issues with their pension, chances are they will come to you as their employer to ask why.

Good governance and ongoing review can not only save you money, but support your business with time efficiencies, employee wellbeing, satisfaction and performance.

About Wingate

Wingate is a values-driven employee benefits consultancy focused on doing the right thing for clients, colleagues, and the community. We offer a unique account management model; one adviser for all your benefits, supported by expert teams, ensuring tailored strategies and transparent, commission-free pricing. With Investors in People Platinum accreditation and our own charity, the Wingate Foundation, we combine award-winning service with a commitment to making a positive difference.

If you feel like your pension and benefits need a review, please reach out to the team using the contact form below.