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
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
WHAT IS AUTO-ENROLMENT
Requires Employers to put Employees onto a
pension savings scheme that meets minimum
Brought in because of declining retirement
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)
WHEN IS IT HAPPENING?
Started in October 2012.
Phased in over 5 ½ years (till
Largest employers expected
to comply first.
Followed by mid then small
Prioritised based on PAYE.
The Pensions Regulator writes
to Employers 12 months before
their ‘staging date’.
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
Must register auto-enrolment
scheme with The Pensions
Opt-outs must be re-registered
every 3 years and The Pensions
DEADLINES AND TIMESCALES
Review (every 3 years)
Ensure robust record keeping
covering individual jobholders and
Records must be kept for 6
Ensure scheme remains
suitable and ‘futureproof’
Auto-enrol eligible staff (one month opt-out
Register compliance with The Pensions
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
(Groups, Subsidiaries, Takeovers and
Identify PAYE Schemes Categorise Workers
BENEFITS OF PROPER PREPARATION
Resolve complex issues beforehand so
staging date isn’t missed and fines are not
Group or Subsidiary companies know their
legal requirements and don’t risk multiple
Planning ahead allows accurate assessment
of costs involved in implementation and
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.
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:
250 - 499
50 – 249
5 – 49
1 – 4
£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.
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
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.
Full Interactivity With Employer’s permission, Employees
can access info on their benefits 24/7 from
any internet-enabled device – including
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
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
Specialists in post-retirement income.
Dedicated professionals that you can speak to
directly, rather than account administrators.
WHAT ELSE WE DO
BUSINESS DEVELOPMENT MANAGER
KEY FINANCIAL CONSULTANTS LIMITED.
Office: 0161 443 0067
Mobile: 07891 583 547
Download this deck at:
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