Organisation and finance
Protecting you and being here when you need us is the cornerstone on which MPS is built. We are proud to be a not-for-profit organisation that is owned solely by members.
MPS is a not-for-profit organisation; our assets are owned by our members. We pursue the highest standards of stewardship and corporate governance. We fulfil our responsibility to protect and use those assets wisely, and in accordance with the Memorandum and Articles of Association. Because we are owned by and accountable to members, we act in the interests of individual members and the interests of our membership as a whole; taking decisions that best support members’ needs.
We exist purely for the benefit of our members. There are no dividends to be paid to shareholders and all subscriptions are used for the benefit of the membership. All the benefits of membership are discretionary as set out in the Memorandum and Articles of Association.
We exist purely for the benefit of our members, with no shareholders to answer to
In an increasingly challenging environment, you need world-class advice, support and protection tailored to your individual circumstances. To safeguard your interests long into the future, we need to charge a membership subscription that reflects the level of risk that is associated with your area of practice.
If you are in any doubt over any legal issue at any time, we would encourage you to get in touch immediately to ask our advice. There is no stigma attached to seeking guidance or support, and we would rather you asked for help in time to avoid a problem instead of waiting and hoping for the best, only to find yourself in greater difficulties later.
The benefits of membership of MPS are discretionary as set out in the Memorandum and Articles of Association. One of these benefits is the option for members to ask for assistance from MPS if they need help or support. MPS’s board of directors – MPS Council – uses discretion as to whether or not support should be given. As a mutual organisation, MPS continually weighs the interests of individual members against the interests of the membership as a whole. In some circumstances it may be appropriate to use discretion to decline or limit assistance, where assisting a member is not in the interests of the membership as a whole.
We aspire to best practice in corporate governance. Our board – MPS Council – is supported by the Remuneration Committee and advised by leading actuaries, accountants and investment managers.