Auto-enrolment Pensions:  7 Question to Help Your Business Prepare
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Auto-enrolment Pensions: 7 Question to Help Your Business Prepare

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Rossmore Financial Services share 7 questions each employer should ask, as they prepare for auto-enrolment pensions.

Rossmore Financial Services share 7 questions each employer should ask, as they prepare for auto-enrolment pensions.

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Auto-enrolment Pensions:  7 Question to Help Your Business Prepare Auto-enrolment Pensions: 7 Question to Help Your Business Prepare Presentation Transcript

  • Auto-enrolment Pensions: 7 Questions to Help Your Business Prepare
  • How will reforms affect me and my workforce?
  • Let’s take a look… Before auto-enrolment • Saving for pensions was purely the responsible of employees. • Having a pension was optional for workers. • Workers may be unaware of work pension schemes. After auto-enrolment • Every employer in the UK will help more workers save for retirement. • You must automatically enroll certain members of your workforce. • It is essential to share your work pension scheme with employees.
  • Break it down
  • Stages Before staging date During staging date After staging date 13 2 Unsure of your staging date? Ask Rossmore.
  • How do I assess my workforce?
  • Pay period. definition The period your payroll covers when you calculate each separate payment of earnings to your employees. For example, if you pay people on the 27th of the month for work carried out over the whole month, then pay period is the whole month; it doesn’t end on the 27th.
  • Doing the assessment Your employees can be divided into the following groups: Enrolment state Employees You do not need to auto-enrol these people Entitled workers Non-eligible jobholders You need to auto-enrol these people Eligible job holders
  • Which scheme am I going to use to make contributions? • If you already have a scheme in place – check with your pension provider as soon as possible. • If you do not have a scheme in place – you may need to make provision yourself, which Rossmore can help with! • If you have a defined benefits scheme in place– this can be used for auto-enrolment.
  • Who do I need to talk to about auto- enrolment? Rossmore Pension provider The Pensions Regulator Payroll provider
  • How much will I need to pay? The minimum amount you need to contribute is worked out on a branded earnings basis, However ultimately YOU work out contributions By 1 October 2018, you should be paying contributions of 8% of an employee’s banded earnings; Of that 8%, you must pay at least 3% Rossmore have access to AME to help you handle calculations.
  • What happens after my staging report? The MAIN thing you need to do… Keep making the appropriate level of contributions and continue to do so on time! Speak to Rossmore to find out how The Pensions Regulator can help keep things in check!
  • Where can I get further help? To discuss the technical aspects of auto- enrolment, please send us an email at: info@rossmorefinancial.co.uk or call us on 01926494747