Page 1 of 4G R O U P P E N S I O N S C H E M E P R O P O S I T I O NIntroduction14 February 2013The Government estimates t...
Page 2 of 4Design of your Pension SchemeReport 1 – Staging DateWhat we need from you: Company name, number of employees an...
Page 3 of 4On-Going Management of the Pension SchemeThe Pension Scheme we establish will incorporate asoftware package all...
Page 4 of 4C O N T A C T U SFor more information on the Group Pension Scheme Proposition and to arrange a discussion with ...
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Autoenrol prop

  1. 1. Page 1 of 4G R O U P P E N S I O N S C H E M E P R O P O S I T I O NIntroduction14 February 2013The Government estimates that around seven millionpeople in the UK are currently not saving enough fortheir retirement. So from October 2012 they haveintroduced new legislation to get more people saving.This will mean that employers will have toautomatically enrol certain employees into a PensionScheme and make contributions on their behalf.Automatic enrolment will be a big challenge foremployers and we can help you fulfil your statutoryduties.Employers – Key Duties· Identify the companies ‘staging date’ whenautomatic enrolment will be required.· Set up and contribute to a Pension Scheme suitablefor automatic enrolment.· Provide information and be careful not to provideadvice on the Pension Scheme to the jobholder.· Meet minimum contribution rates of 8% in total, withthe employer paying 3% minimum by 2018.· Deduct any jobholder contributions from salary andmake contributions on their behalf.· An assessment of all workers is required to establishif they are eligible, non-eligible or entitled.· Report to The Pensions Regulator (TPR) monthly, theamount of contribution on behalf of eachemployee.· Comply with all opt in and opt out legislation foreligible staff monthly.· A decision needs to be made on whether to certifythat your scheme meets the contribution qualityrequirement as an alternative to using qualifyingearning.· Re-assess worker type every 3 years and re-enrolopt outs.· Keep full records for TPR to access if required.How we can helpAll employers will need to design, implement and runtheir own Pension Scheme and we are able to assistwith part or all of this process.
  2. 2. Page 2 of 4Design of your Pension SchemeReport 1 – Staging DateWhat we need from you: Company name, number of employees and PAYE reference numbersWhat we will provide: A report to fully inform you of your duties and responsibilities under the AutoEnrolment Legislation.Cost: FreeReport 2 – Review Current Pension SchemeWhat we need from you: A signed Letter of Authority to contact your existing pension provider on completionof the Employer Fact Find.What we will provide: A report to provide a comparison of how your existing scheme compares to thenew legislation and highlights the changes that need to be implemented. You willunderstand where your scheme falls short and what can be done to rectify this.Cost: £600Report 3 – Assess Workforce & Model Different OptionsWhat we need from you: A salary roll with date of birth for all employees.What we will provide: A report to allow assessing exactly what you need to implement for eachemployee and know the exact cost. We will design the right scheme for you, applysalary sacrifice, contribution phasing, self-certification and provide estimated takeup calculations. We will also suggest the best type of scheme, the most suitableprovider and negotiate the best terms available.Cost: £750Implementation of Company Pension SchemeOnce the Pension Scheme has been designed youwill be required to implement the scheme for thebenefit of your employees. We are able to assist inthe following ways:-· Group presentations to communicate thescheme to staff.· Employer branded communication materialand microsite.· Sign up of members.· Project manage the establishment of thescheme.· Distribution of scheme documentation tomembers.Cost per Member:£220 for first 50 Members£100 thereafterMinimum Fee: £2,000
  3. 3. Page 3 of 4On-Going Management of the Pension SchemeThe Pension Scheme we establish will incorporate asoftware package allowing liaison with the schemeprovider direct for most administration requirements.There are still other areas of assistance that will berequired with which we can help.· Employer pension scheme queries.· Advice on changes in pension legislation.· Annual review of the scheme provider’sperformance and service.· Investment governance.- It will be necessary to review the defaultfund options for the scheme annually.- Review of employees risk profiles every 3years.· Conduct salary sacrifice calculations annually.Minimum Annual Fee: £1,000Member Support PackageBy providing a member support package, anyquestion of the employer supplying advice, albeitinadvertently should be avoided. This will afford yousignificant legal protection as well as providing anexcellent ‘financial advice’ benefit to all staff.· Member Surgeries- Provide allocated days in the workplace forgeneral financial advice.· Retirement advice and annuity broking servicefor retirees.· Individual Member Advice can be providedand the cost of work conducted will bediscussed with the individual directly.Member Surgeries: £850 per daySummarySignificant changes are being forced on employersto provide workplace pensions for all qualifyingemployees. The experience to date from the largeremployers is that take up rates have been muchhigher than expected resulting in significantadministration and cost.It is important to design and implement a schemewhich reduces your administration burden as far aspossible. Remember relying on National EmploymentSavings Trust (NEST) will mean you are dealing withThe Pensions Regulator (TPR) direct and you willtherefore need to design systems which comply withthe legislation and constantly monitor yourworkforces age, salary, opt-in and outs andinvestment governance etc. yourself.By using our services we will design the best pensionsolution for your company. This will mean in mostcases a pension provider will be recommendedwhich will install a software package within yourcompany to reduce the administrative burden andensure you stay within the legislation at all times. Thepension solution should also be superior for membersas the scheme will be designed for your companyand will have the widest fund range and mostcompetitive charging structure which will assist withstaff retention.We are able to communicate the benefits of thepension scheme to all staff and implement withoutthe risk of you being accused of providing advice.On-going governance can be installed at bothboard and staff level to ensure the scheme remainscompliant and employees have access to qualityfinancial advice.With regard to the cost of the overall service, webelieve that this is extremely competitive, particularlyconsidering the administrative savings that will bemade within your company.
  4. 4. Page 4 of 4C O N T A C T U SFor more information on the Group Pension Scheme Proposition and to arrange a discussion with Gracechurch WealthManagement LLP, please contact us.Jason Bevan (jason.bevan@gracechurchwm.co.uk)David Hine (david.hine@gracechurchwm.co.uk)Tel: 01908 209220Web: www.gracechurchwm.co.ukGracechurch Wealth Management LLPEFX House, 1 Boycott Avenue, Oldbrook, Milton Keynes, MK6 2RWA B O U T U SGracechurch is a leading firm of Financial Advisers, providing a wide range of professional advisory services to ownermanaged businesses and private individuals. Gracechurch thrives on its work with entrepreneurial businesses and theirpeople. Gracechurch works closely with its clients, delivering proactive and innovative advice. Our focus is on buildinglong term relationships with our clients to help them and their businesses succeed, reduce taxation and create,increase and protect wealth. Gracechurch offers a breadth of technical expertise and specialist advisers across sixintegrated service areas: Pensions Advice, Investment Planning, Business Protection, Family Protection, Long Term CareAdvice and Inheritance Tax Planning.This document has been prepared as a general summary. It has been written for information purposes, should not be relied upon and is not a substitute for professional advicewhich should be sought. This document does not constitute taxation, financial planning or investment advice. Gracechurch Wealth Management LLP or any of its employeeswill not accept any responsibility for loss or damage incurred as a result of acting or refraining from acting upon anything contained in or omitted from this document.Gracechurch Wealth Management LLP is authorised and regulated by the Financial Services Authority {registered in England No OC320661}. Registered Office: EFX House, 1Boycott Avenue, Oldbrook, Milton Keynes, MK6 2RW.

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