This document provides an overview of automatic enrolment pensions in the UK. It discusses employer concerns about costs and compliance, how to prepare for automatic enrolment including determining eligibility and contribution requirements. It also covers topics like communications with employees, opting out processes, and different types of qualifying pension schemes including using NEST. The document aims to help employers understand their obligations and consider options to efficiently fund the pension requirements.
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Here's a copy of our presentation from the free breakfast briefing we held in January 2014. Auto Enrolment is mandatory legislation to all companies in the UK, starting from October 2012. If you have questions that need answering or would like us to help you with this process, please get in touch. 01302 341 344.
The Auto Enrolment Advisor: Auto EnrolmentJamie Ogilvie
Automatic Enrolment is a change in law that all employers have to enrol their employees into a workplace pension scheme. This presentation gives a brief introduction into: The reasons behind the law change, Who it applies to and finally how The Auto Enrolment Advisor can help you comply.
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Here's a copy of our presentation from the free breakfast briefing we held in January 2014. Auto Enrolment is mandatory legislation to all companies in the UK, starting from October 2012. If you have questions that need answering or would like us to help you with this process, please get in touch. 01302 341 344.
The Auto Enrolment Advisor: Auto EnrolmentJamie Ogilvie
Automatic Enrolment is a change in law that all employers have to enrol their employees into a workplace pension scheme. This presentation gives a brief introduction into: The reasons behind the law change, Who it applies to and finally how The Auto Enrolment Advisor can help you comply.
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The Apprenticeship Reform & its Implications on Colleges; by Teresa Frith The Pathway Group
A comprehensive report prepared by Teresa Frith of 'Association of Colleges'.
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If wages are one of your biggest costs, pension auto-enrolment could mean a 3% increase in your wage costs in the next few years.
Hillyer McKeown Solicitors has teamed up with McLintocks Chartered Accountants to deliver a series of events explaining how to prepare for forthcoming auto-enrolment legislation. To view the presentation, please see the slideshow above.
Thank-you for attending our Auto-Enrolment Roadshow brought to you by Hillyer McKeown Solicitors and McLintocks Accountants. We've uploaded the slides from the event for you to read and download.
Payroll legislation is constantly changing and keeping fully up to date can be challenging. Our Taunton payroll and auto enrolment manager, Kirsty Small, will present a comprehensive update and will guide you through all the recent legislative changes and those that will be coming up in the near future. She will also draw your attention to common problems and pitfalls that clients regularly need help and advice with.
Topics covered will include:
• Legislation changes – recent and to come
• GDPR
• Auto Enrolment – triennial review and update
• General update
• Apprenticeship levy
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If wages are one of your biggest costs, pension auto-enrolment could mean a 3% increase in your wage costs in the next few years.
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Thank-you for attending our Auto-Enrolment Roadshow brought to you by Hillyer McKeown Solicitors and McLintocks Accountants. We've uploaded the slides from the event for you to read and download.
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• GDPR
• Auto Enrolment – triennial review and update
• General update
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Automatic Enrolment functionality has been elegantly integrated into Qtac. Setting up your pension scheme, enrolling employees, issuing communication, making contributions and viewing reports – it's all seamless and simple.
Employees need to be automatically enrolled if they:
Are aged between 22 and State Pension Age
Earn more than £10,000 a year (2014/15 limit)
Work in the UK
If a company does not have a qualifying pension scheme then it must introduce one. If the employer doesn’t currently make a contribution to the pension, they will have to by law when they ‘automatically enrol’ entitled workers.
Your clients are responsible for ensuring they have a compliant pension scheme in place and that the correct employees and employers contributions are paid into the scheme.
What’s the reason for auto enrolment? The average life span has increased and people are living a lot longer. These changes to pensions are because the current state pension will just not be sufficient when retiring and therefore trying to encourage people to save for retirement.
Jobholders
Eligible jobholder
The employer must
automatically enrol and make contributions
if using postponement, provide a notification to the eligible jobholder
process any opt-out notice
automatically re-enrol approximately every three years
keep records of the automatic enrolment process
Non-eligible jobholder
The employer must
arrange pension scheme membership if the non-eligible jobholder decides to opt-in, and also make contributions
provide information about the right to opt-in, unless using postponement
if using postponement, the employer must provide a notification to the non-eligible jobholder & keep records of the enrolment process
Entitled worker
The employer must:
arrange pension scheme membership if the entitled worker decides to join
provide information about the right to join, unless using postponement
if using postponement, provide a notification to the entitled worker
keep records of the joining process
A clients choice of automatic enrolment pension scheme could have an impact on the payroll processing time and costs involved.
Some of your clients may have an existing scheme, in this scenario they should ascertain with their pension provider whether it meets automatic enrolment requirements and is therefore classed as a qualifying scheme.
An Introduction to Auto Enrolment by Qtac
Be confident with:
Work Place Pensions
Auto Enrolment
The Pensions Regulator
Pension Providers
Auto Enrolment Functionality in QTAC Payroll
Planning for Success
What is Auto Enrolment?
‘Workplace Pension Reform’ is the term used to describe the changes to pensions in the UK, where employees are automatically enrolled into an ‘Automatic Enrolment’ pension scheme, as long as they ‘qualify’.
A workplace pension, which is arranged by the employer, is a way for employees to save for retirement. Some workplace pensions are also called ‘occupational’, ‘works’, ‘company’ or ‘work-based’ pensions.
If a company already has a pension scheme they will need to check that it ‘qualifies’ if their plan is to use that scheme as their ‘Workplace Pension’.
Companies who do not currently have a pension scheme setup will need to set up an ‘Auto Enrolment’ scheme. The pension scheme must ‘qualify’ - meaning the employee and employer contributions match or exceed the minimum contributions (detailed later in this document) and also that no restrictions are placed on membership.
Every company will be required to offer employees the chance to join a pension scheme, which both the ‘employee’ and ‘employer’ will contribute in to. The employer has to contribute at least the minimum contribution into the scheme in order for the scheme to qualify.
In most cases the government also add money into the pension scheme in the form of tax relief.
Employees need to be automatically enrolled if they:
Are aged between 22 and State Pension Age
Earn more than £10000 a year (2014/15 limit)
Work in the UK
If a company does not have a qualifying pension scheme then it must introduce one. If the employer doesn’t currently make a contribution to the pension, they will have to by law when they ‘automatically enrol’ entitled workers.
Employers are responsible for ensuring they have a compliant pension scheme in place and that the correct employees and employers contributions are paid into the scheme.
One Year in into the Pension Reform
More than 750,000 members
Over 2,350 employers
Opt outs around 8 per cent
Staging Dates
Each company will have their own staging date, your auto enrolment staging date is determined by the size of your PAYE scheme on the 1st April 2012. Staging dates will be staggered, with larger employers starting sooner and small employers starting later.
How do I find it out? Visit The Pensions Regulators website
Use the Staging Date Calculator
www.thepensionsregulator.gov.uk/
A company can choose to move it’s staging date to an earlier date but it cannot be moved to a later one.
A pension scheme can be setup for employees at any time. You do not have to wait until auto enrolment is introduced.
We recommend that you give yourself plenty of time to prepare for auto enrolment.
If you're a small business owner and worried about the new pension rules and regulations this comprehensive guide will help you set-up and manage your new auto-enrolment workplace pension scheme.
Blake Lapthorn and Hays Recruitment - Auto-enrolment seminar - 25 April 2013Blake Morgan
Blake Lapthorn and Hays Recruitment held a joint seminar focusing on the choices, costs and strategic opportunities of auto enrolment on 25 April 2013 at Blake Lapthorn's Oxford office.
The Auto Enrolment Advisor: Overview of your Auto EnrolementGraham Robinson
This is an introduction into the reasons behind automatic enrolment being launched in the UK before tackling what you need to be aware of as an employer with a imminent staging date. Finally it details our process of advice and how we achieve compliance and deliver piece of mind.
A detailed guide of the regulations facing UK employers dealing with workplace pension auto enrolment. This guide gives a valuable insight into what must be done to ensure your processes are both compliant and legal.
The business journey partner presentations_the auto-enrolment journeyMartin Jack
The Auto Enrolment Journey
• Why? The income gap when people want to stop work
• How? The choices you have and the costs involved
• by When? Start with the end in mind
Colin is Director of Corporate Business at Henderson Stone &Co Ltd.
We’ve compiled a list of questions that we’re commonly asked by our clients about automatic enrolment, and answered them on the following slides.
From 'What is automatic enrolment,and does it apply to me?' to 'How do I choose the right pension supplier?' you'll find the most frequently asked questions - and the answers you need.
We list our 8 steps to complying with Auto Enrolment in our detailed yet simple presentation.
If you'd like any more Auto Enrolment information then you can check us out at www.employee-benefit-consultants.co.uk/auto-enrolment/
We held a free workshops on preparing for automatic enrolment for National Council for Voluntary Organisations (NCVO) members on November 13th, at NCVO headquarters in Central London. Lucas Fettes & Partners is a Trusted Supplier to NCVO.
Here are the slides from the workshop which covered what you need to do and when.
New laws mean every organisation must automatically enrol certain workers* into a suitable workplace pension scheme and contribute towards it. If you already have a workplace pension scheme, you need to ensure it meets the minimum requirements. Employers who don’t comply could face a range of fines, starting from a fixed penalty of £400 and escalating to fines of at least £50 per day for non-compliance.
More employees are self-isolating or working remotely to reduce the spread of the COVID-19 virus. All businesses, regardless of size, will be affected by the government measures for the foreseeable future. As the COVID-19 virus spreads across the UK, the government has introduced measures for employers to continue to pay their employees and to support businesses.
Contingency planning is now part of everyday life for businesses worldwide, especially when it comes to your payroll processing. This kind of planning is useful in any event, whether it be for coronavirus, inclement weather, or train or bus strikes. There are plenty of steps businesses can take to prepare for operational resilience.
Businesses are understandably concerned about the steps they should be taking to manage the risk of COVID-19. We would like to provide reassurance to our customers that BrightPay is well prepared. Many businesses are now putting in place precautionary measures to combat the spread of the virus and to protect their employees. BrightPay can facilitate the option to work from home, which is one of the primary ways businesses are changing the way they operate.
In this webinar, we will cover how employers and payroll bureaus can continue to operate their payroll while they work remotely.
- Employer & Employee Rights
- How to Handle SSP & Covid 19
- Coronavirus Job Retention Scheme & Furlough Leave
- How BrightPay can Facilitate Remote Working
- Q & A
Date: 17th April 2020 | For more information visit https://www.brightpay.co.uk
The Future of Auto Enrolment for Bookkeepers
Presented by Karen Bennett at ICB Bookkeepers Summit 2017
For more information visit https://www.brightpay.co.uk
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2. Today we will look at
∗ Employer concerns!
∗ Preparing for Automatic Enrolment
∗ When do I have to have my scheme in place?
∗ Who is eligible for Automatic Enrolment?
∗ Employee Communications
∗ Contributions – phasing In
∗ Opting Out
3. Today we will look at
∗ Additional Requirements
∗ Enforcement & Record Keeping
∗ Employers- who deals with Auto Enrolment
Issues?
∗ What makes a scheme qualifying?
∗ Is there anything I can do to fund this more
efficiently?
∗ Questions
4. 1.3m UK employers
Approx 280,000 employers
Pay less than a 3%
Approx 750,000 employers
Currently offer no provision
Approx 270,000 employers
Pay more than 3%
Source: ttp://www.dwp.gov.uk/docs/factsheet-impact-reforms-sept09.pdf
5. • 67% of respondents said employers are concerned by
the cost of meeting the long-term compliance
requirements.
• 38% of respondents said employers are worried about
ensuring they have an efficient way of integrating
auto-enrolment with their payroll functions to gather
accurate contribution, opt-out and employee profile
data.
• 33% of respondents said employers are concerned
about putting a compliant pension scheme in place in
time for their staging date.
* Survey carried out by Aviva - September 2012
Employer Concerns!
6. ∗ Auto Enrolment October 2012- February 2018
∗ Staging date depends on employer size, but can be
brought forward
∗ Employer must enrol eligible employees (job holders
into qualifying Scheme)
∗ Provide information to all employees
∗ Eventually Employer required to pay 3% & Employee
5% of qualifying earnings (minimum 8% overall)
∗ Register with TPR and keep records
∗ 4-8 million new savers in workplace from 2012
∗ Additional £10bn-15bn annual savings by 2050
What’s Happening And When?
7. Preparing for Automatic Enrolment
Employer-no scheme
∗ Find out Staging Date
∗ Assess the workforce
∗ Determine earning definitions
∗ Calculate costs
∗ Consider scheme type
∗ Communicate to workers
∗ Plan implementation
∗ Enrol eligible job holders
∗ Register with TPR & keep
records
∗ Contribute to workers
pensions
Employer-with scheme
∗ Find out Staging Date
∗ Assess the workforce
∗ Review/determine earnings
definitions
∗ Calculate Costs
∗ Review existing Scheme
∗ Consider scheme type
∗ Communicate changes/terms to
workers
∗ Plan implementation
∗ Enrol eligible job holders
∗ Register with TPR & keep
records
∗ Contribute to workers pensions
8. When do I have to have my scheme in place?
Employer Staging Dates
Employer size Auto-enrolment staging date
PAYE scheme size Staging date
120,000 or more 1 October 2012
50,000-119,999 1 November 2012
30,000-49,999 1 January 2013
20,000-29,999 1 February 2013
10,000-19,999 1 March 2013
6,000-9,999 1 April 2013
4,100-5,999 1 May 2013
4,000-4,099 1 June 2013
3,000-3,999 1 July 2013
2,000-2,999 1 August 2013
1,250-1,999 1 September 2013
800-1,249 1 October 2013
500-799 1 November 2013
350-499 1 January 2014
250-349 1 February 2014
50-249 1 April 2014 to 1 April 2015
Test tranche <30 Employees 1 April 2015 to 30 June 2015
30-49 Employees 1 August 2015 to 1 October 2015
Less than 30 Employees 1 January 2016 t0 1 April 2017
New Employers 1 May 2017 to 1 February 2018
The rules for staging within each size grouping have still to be
confirmed.
9.
10. Who is eligible for
Automatic Enrolment?
Assessing and categorising the workforce
2013/2014 levels
Qualifying Earnings
Age < £5,668 £5,668 - £9,440 > £9,440
16-21 Entitled Worker Non-eligible
jobholder
Non-eligible
jobholder
22-SPA Entitled Worker Non-eligible
jobholder
Eligible jobholder
SPA-75 Entitled Worker Non-eligible
jobholder
Non-eligible
jobholder
11. Pay Reference Period
2013-2014 Annual 1 week Fortnight 4 weeks 1 month 1 quarter Bi-annual
Lower level
of
qualifying
earnings
£5,668 £109 £218 £436 £473 £1,417 £2,834
Earnings
trigger for
automatic
enrolment
£9,440 £182 £364 £727 £787 £2,360 £4,720
Upper level
of
qualifying
earnings
£41,450 £797 £1,594 £3,188 £3,454 £10,363 £20,725
Current Earnings Thresholds 2013-2014
12. Employee Communications
∗ Advising the ‘assessed workforce’ about Automatic
Enrolment process
∗ Set time limits
∗ Advise employees of their right to ‘opt-out’
∗ Tell them how they may be affected (changes if an
existing member, what it means for those not already a
member)
∗ Must be in writing, can include email - gather/provide
email addresses
13. A/e date
Employer gives info to
jobholder
Contract deemed
Auto-enrolment process
Info window max.1 mth
1st
contribution
collected on payday
Jobholder
opts out
2nd
contribution
collected on payday
Opt-out period – 1 mth (6wks if invalid) Refund – 1 mth
Employer
reimburses
contributions
Provider/scheme gives
info to jobholder
14. Contributions – phasing in
Based on Qualifying Band Earnings
Steady State
Defined contribution 1% employee
contribution
3% employee
contribution
5% employee
contribution
Defined contribution 1% employer
contribution
2% employer
contribution
3% employer
contribution
Staging period
15. Opting Out
Opting out
Engage Your
workforce
1 month
Window
Opt
out
Notice
Fill in
Notice
Refund
Worker
Inform
Provider
Refund
Employer
Review
Engage your
Workforce
1 month
Window
Opt out
Notice
Fill in
Notice
Refund
worker
Inform
Provider
Refund
Employer
Default ‘re-enrolment date’ is 3rd
anniversary of Employer staging date every
3 years.
16. Additional Requirements
All Employers will have additional regulatory
requirements
∗Employers prohibited from incentivising opt outs
∗Register with TPR to show they are meeting their
duties (TPR will write to all Employers)
∗Payments will be monitored by Administrators or
Scheme Trustees who need to report failures
∗Must keep records for 6 years
∗Must retain Opt in & Opt Out notices for 4 years
17. Enforcement
Fines from the Regulator
Stage 1 - A compliance/unpaid contribution notice
Stage 2 - Fixed penalty of £400
Stage 3 – Escalating daily penalties
Number of Persons Prescribed daily rate
1-4 £50
5-49 £500
50-249 £2,500
240-499 £5,000
500+ £10,000
18. Record keeping
∗ Responsibility with Employer
∗ Records about jobholders & workers – via payroll
records?
name, NI, opt-in, joining notice
∗ Records about scheme
pension scheme reference, scheme name & address
∗ 6yrs minimum (opt-outs 4yrs)
∗ Capable of Regulator scrutiny if requested
19. Number of Employees
Pensions Dept/Human
Resources
? ‘Payroll’
Organisation
Employers – Who Deals With Auto
Enrolment Issues?
large
medium
small
20. What makes a scheme qualifying
∗ Does it permit Automatic Enrolment?
∗ Are employees enrolled automatically within 3
months of joining?
∗ Does the scheme have a “default” investment option?
∗ Recognising the likely characteristics & needs of
employees
∗ Appropriate balance between risk & return
∗ Glide path to safer assets as retirement approaches
∗ Does it meet one of the minimum contribution tests?
∗ Does it have an opting out facility?
21. Qualifying scheme choice
Choices for employers
Existing
defined benefit
& defined
contribution
schemes
New defined
contribution
auto enrolment
schemes
Existing/new
NEST
22. ∗ Chosen scheme must operate automatic enrolment - no member
decisions or actions
∗ Adjust existing Group Personal Pension or Occupational Pension?
∗ Or set up new scheme?
∗ Different solutions for employees – min contributions for some, higher
for others?
∗ Combined GPP and NEST solution?
− Lower earners, highly transitional employees go to NEST, others to
GPP
− Non-discriminatory
Types of Scheme?
23. Types of Scheme?
∗ A qualifying scheme:
– PP or occupational scheme
– minimum contribution level
met
∗ An A/E scheme is a
qualifying scheme that:
∗ can auto-enrol jobholders
∗ initially and every 3yrs
∗ no member action or decisions
∗ Can be a private scheme or
NEST
24. NEST
Scheme
DC occupational scheme
Trustee corporation
Administration
Tata
Charges
0.3% AMC
Charge on contributions of 1.8%
Decumulation
Self-service decision
Focused choice – panel of providers
Investment
Very cautious
25. “…the overarching view is that salary
sacrifice is here to stay, and will prove to
be a valuable tool for advisers looking to
manage the transition to auto
enrolment.”
Source: Corporate Adviser – September 2010
Is there anything I can do to fund this
more efficiently?
26. Arrangement between the Organisation and
employee to give up part of their future earnings
(salary) in return for a non-cash benefit
The non-cash benefit is a contribution by the
Employer to the Employee’s pension plan
Reduced earnings means reduced liability to income
tax and National Insurance
Nominal Salary can be used – other employee
benefits
What is salary sacrifice?
Note: all views expressed in relation to salary and bonus sacrifice are based on our
understanding of the procedures adopted by an Organisation, and current taxation law and
HM Revenue & Customs practice, which may change.
27. Salary Sacrifice
take
home,
£0.68
NI, £0.12
tax,
£0.20
For every £1.00 earned....
∗ 68 pence in your hand
∗ Grossed up for Tax Relief,
still only 85 pence.
∗ Or using Sacrifice, original
£1.00 + Employer National
Insurance saving of 13.8%
∗ Produces new employer
contribution of £1.14!
This information is based on a Basic Rate
Tax Payer for 2012/2013
28. Without salary
sacrifice
With salary
sacrifice
Your gross earnings £30,000.00 £28,200
(£30,000 - £1,800)
Income tax on your gross
earnings
£3,752.00 £3,752.00
NI contributions on your gross
earnings (12%)
£2,669.40 £2,453.40
Employee (gross) pension
contribution (with tax relief
added)
£1,800.00 £0
Total employer contribution to
your pension plan a year
£2,700.00 £4,500
(includes the
additional £1,800
sacrificed
Take-home pay £21,778.60 £21,994.60
Salary sacrifice – a tax efficient
way to saveWe’ve assumed:
• you’re earning £30,000 a year (20% basic rate tax payer)
• you’re contributing £1,800 (6% of your pensionable salary)
• your employer is contributing £2,700 (9% of your pensionable salary)
29. ∗ 1st January 2013
∗ Changes to Adviser Remuneration
∗ Abolition of Commission
∗ Financial Adviser Charge
∗ How is this paid?
∗ Fees
Retail Distribution Review