Wragge & Co packs a pension punch for Morrisons

BIRMINGHAM law firm Wragge & Co has helped supermarket chain Wm Morrison to achieve one of the fastest-growing pension schemes since the Government rolled out its workplace pension reforms.

Pension experts from the firm advised the Yorkshire-based retailer on the introduction of  The Morrisons Retirement Saver Plan which provides the supermarket chain with an tailored, cash balance scheme to meet new employer duties.

Launched to meet Morrisons’ October 1 implementation date, the scheme achieved 12,000 members in its first month and reached more than 16,000 at the end of 2012. At the same time, Morrisons began its three year ‘Save Your Dough’ campaign to encourage its workforce to save more for retirement.

Partner Richard Lee, supported by associates Liz Wood and Joanne Tibbott led a team of experts from Wragges’s Combined Human Resources Solutions practice on the pensions aspects of the project. They worked closely with Morrisons’ head of legal Greg McMahon and head of central HR services Wendy Taylor.

Lee said: “Having advised Morrisons for a number of years, we had approached them about the reforms at an early stage. As one of only four employers with a 1 October 2012 implementation date, it had to quickly understand the issues for its business and develop a robust plan.”

McMahon added: “This has been one of the largest and most complex projects we have ever put together. Wragge & Co’s advice and support has been invaluable throughout – both in terms of technical expertise and project management skills.”