TIME is a trading style of Premier Financial Protection Ltd, an authorized and regulated financial services company with over 30 independent financial advisors across the UK who provide advice to both individual and corporate clients ranging from small to large businesses on pensions, financial protection and employee benefits. The document discusses the challenges facing the UK pension system and the government's Pension Auto-Enrollment program, which will require employers to automatically enroll eligible employees into a workplace pension scheme. It also addresses some of the reactions employers may have and considerations around being prepared for and gaining value from auto-enrollment.

2. About time
A trading style of PFP
Founded in 2000
Over 30 IFA’s
One of the largest IFA’s in the UK
Over 10 years experience providing
across the UK
advice to business
Over 100 corporate Advice to Companies
clients ranging from
Advice to Directors
SME’s to Multi-national
businesses Advice to Employees
www.timefinancial.co.uk
www.pfpifa.co.uk
TIME is a trading style of Premier Financial Protection Ltd, which is authorised and regulated by the Financial Services Authority and is entered on
the FSA register under reference number 226676

3. The big picture
When pensions were introduced in the early 1900s there were 22
people of working age in Britain for every retired person. In 2024 there
will be less than three.
(Source: Office of National Statistics)
British State pensions as a percentage of wages are the lowest of all of
the G7 countries
(Source: Phil Mullan, The Imaginary Timebomb)

4. The Response?
Pension
Auto-enrolment

5. Pension auto-enrolment
The headlines
1. Each employer will, from its ‘Staging Date’ be required to auto-enrol eligible jobholders into a
qualifying workplace pension scheme
2. As a minimum contributions are required to be made by both the employer and employee based
on ‘qualifying earnings’ or the published ‘alternative requirements’
(7% where pay is fully pensionable, 8% where pensionable earnings make up at least 85% of total pay and 9% of
pensionable earnings however defined)
3. All employees must be opted in (aged between 22 and state pension age earning above the tax
personal allowance)
4. Employees that opt out must be automatically re-enrolled every three years.
5. Nest is a government created qualifying scheme. Nest target market is small employers.
6. Risks of employer delay:
1. Non compliance
2. Capacity issues
3. Payroll changes/scheme admin
4. Cost uncertainty
5. Employee communications

6. The Reaction?
Those who believe
employee benefits and
engagement are good
..and those that don’t!
for business……
Proactive Reactive
Who? What?
Why? Cost?
Value When?
Time for support Time for help

7. Every business that provides employee
Finding time benefits should ask itself one question -
Why do we provide this benefit?
Answer:
1. Because we have to….
2. For other reasons
“Employee engagement”
Do your employees value their non-pay
benefits?
“Employee Benefits”
Is staff retention and turnover important to you?
“Pension auto-enrolment is coming”
Are you prepared?

8. Finding time
• Total Reward Statements
Employee Engagement • Employee communication plan
Do your employees value their non-pay • IT platform
benefits?
• Employee surveys
• Scheme review and
recommendation
Employee Benefits • Implementation plan
Is staff retention and turnover important to • Salary exchange
you?
• Perks and discount scheme
• Scheme selection
• Implement and register your
Auto-enrolment scheme
Are you prepared? • Scheme governance
• Administration

9. Employee engagement….A Fad?
www.bis.gov.uk/files/file52215.pdf

10. Growth
Opportunity to grow
Opportunity to develop
Us
At work do my opinions seem to count?
Are my co-workers committed to doing
quality work?
Me
Is it clear what is expected of me?
Understanding how my job contributes to helping the company’s success
Is there someone at work who encourages my development?
Foundation
What’s the deal?
What’s the environment?

11. About you
So why do you provide employee benefits?
Have to Want to