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A Guide to Auto-Enrolment

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  • 1. A GUIDE TO AUTO-ENROLMENT Presented by Stephen Yaffe, Business Development Manager & Auto-Enrolment Specialist Key Financial Consultants Limited Prepared for Lincoln City Football Club. 11th July 2013
  • 2. AGENDA  What is Auto-Enrolment?  When is it Happening?  What it Means to Businesses  Compliance Deadlines and Timescales  Benefits of Proper Preparation  What Happens if You Do Nothing  Our Solution for Auto-Enrolment  Who are Key Financial Consultants  Other Things We Can Help With  How to Find Out More
  • 3. WHAT IS AUTO-ENROLMENT  Government-led legislation.  Requires Employers to put Employees onto a pension savings scheme that meets minimum requirements.  Brought in because of declining retirement savings.  The Government wants to create a positive pension savings culture.  Covers all staff in the UK aged over 22 right up to State Pension Age  Earnings over £9,440 (others eligible)  Minimum contributions
  • 4. WHEN IS IT HAPPENING?  Started in October 2012.  Phased in over 5 ½ years (till Feb 2018).  Largest employers expected to comply first.  Followed by mid then small sized employers.  Prioritised based on PAYE.  The Pensions Regulator writes to Employers 12 months before their ‘staging date’.
  • 5. WHAT IT MEANS TO BUSINESSES  Assess and classify their workforce.  Need to automatically enrol some workers onto a pension scheme.  Must maintain the scheme.  Obligated to keep selected records.  Must register auto-enrolment scheme with The Pensions Regulator.  Opt-outs must be re-registered every 3 years and The Pensions Regulator notified. Assess Enrol Register Record Re-Register (3yrs)
  • 6. DEADLINES AND TIMESCALES Review (every 3 years) Ensure robust record keeping covering individual jobholders and scheme used Records must be kept for 6 years Ensure scheme remains suitable and ‘futureproof’ Staging Date Auto-enrol eligible staff (one month opt-out window) Register compliance with The Pensions Regulator Government Notification to Staging Date (12 months) Ensure HR data meets minimum requirements and is of sufficient quality Choose a suitable scheme or ensure existing scheme meets criteria for qualifying scheme Now to Notification of Staging Date Identify Employer (Groups, Subsidiaries, Takeovers and Mergers) Identify PAYE Schemes Categorise Workers
  • 7. BENEFITS OF PROPER PREPARATION  Resolve complex issues beforehand so staging date isn’t missed and fines are not imposed.  Group or Subsidiary companies know their legal requirements and don’t risk multiple fines.  Planning ahead allows accurate assessment of costs involved in implementation and budgeting.  Identifies potential admin issues and allows time for resolution.  Identifies areas of weakness or inefficiency in record keeping, HR systems and payroll.  Employers can streamline and rationalise existing schemes by planning in advance.
  • 8. DOING NOTHING Auto-enrolment is NOT optional for employers. The Pensions Regulator is responsible for ensuring that you comply with your employer duties. Failure to comply can result in: 500+ Employees • £10,000 per day 250 - 499 Employees • £5,000 per day 50 – 249 Employees • £2,500 per day 5 – 49 Employees • £500 per day 1 – 4 Employees • £50 per day £400 Fixed Penalty Notice followed by escalating penalty notice PER DAY of non-compliance as follows: Companies that persistently encourage employees to opt-out, will be hit with fines of £1,000 to £5,000 per day depending on company size. As well as substantial fines, individuals may even face imprisonment for non-compliance.
  • 9. Features Benefits Complete, web-based system. Employer does not have to install software onto their computer network – they don’t even need to have a computer network. Agnostic Solution No need for Employer to change their existing pension provider or benefits system. It integrates seamlessly with existing processes. All-in-One System Plugs into and works with any existing payroll software, pension and benefits schemes that an Employer has in place already. Will also work with these systems an Employer may want to bring in. Easy to Use Summarises and manages workplace benefits in one place and designed so that employees can use it too – not just accountants and/or payroll. OUR SOLUTION
  • 10. Features Benefits Full Interactivity With Employer’s permission, Employees can access info on their benefits 24/7 from any internet-enabled device – including smartphones. Complete Compliance Manages the entire process of auto- enrolment compliance, ensuring Employer’s do not get fined.. Handles All Types of Pension Schemes Deals with any type of scheme from Defined Contribution , NEST, SIPPS, Group Stakeholder Pensions or Self Administered Schemes. Employers needn’t worry about switching what’s already in place. Eliminates Inefficiencies Allows Employers to take control of their workplace benefits. Saves time, cost and resources on manual processes. Scalable and Affordable Pricing system means that it’s affordable to any size company from 5 to 50,000 employees. OUR SOLUTION
  • 11. WHY CHOOSE US?  Independent Financial Advisors offering unbiased, jargon-free advice.  Practical advice and guidance to businesses of all sizes on implementing and reviewing Employee Benefit Schemes.  Over 40 years of combined experience in financial advice.  Specialists in post-retirement income.  Dedicated professionals that you can speak to directly, rather than account administrators.
  • 12. WHAT ELSE WE DO Retirement Planning Employee Benefit Schemes (including reviewing) Group Income Protection Business Protection and Stakeholder Insurance Wealth Management Commercial Mortgages
  • 13. CONTACT: STEPHEN YAFFE BUSINESS DEVELOPMENT MANAGER KEY FINANCIAL CONSULTANTS LIMITED. Office: 0161 443 0067 Mobile: 07891 583 547 Email: syaffe@keyfinancialconsultants.co.uk Download this deck at: slideshare.net/keyfinancialconsultants Every care has been taken to ensure that the information provided is correct and in accordance with the law and HMRC practice, which is subject to change. Key Financial Consultants are authorised and regulated by The Financial Conduct Authority. No: 460430

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