What is auto enrolment?

Starting from October 2012, and being phased in over several years, any UK employer who employs at least one person has been legally obliged to:

  • Set up and register a pension scheme suitable for automatic enrolment
  • Automatically enrol certain workers (known as eligible jobholders) into that pension scheme
  • Arrange membership of a pension scheme for certain other workers
  • Make contributions for eligible jobholders and certain other workers
  • Manage the automatic enrolment, joining and opt out processes
  • Provide specific information to workers, pension scheme providers and The Pensions Regulator (TPR)
  • Keep records of how they have fulfilled and continue to fulfil their duties

The Pension Regulator (TPR) has powers to issue compliance notices to and impose penalties on employers who do not comply with their automatic enrolment duties, for example failing to automatically enrol eligible jobholders or failing to refund contributions to those who have opted out. So it’s important to get it right.

We can help take the headache out of planning and managing your auto enrolment scheme.

The following gives a brief summary of what is required for us to help you to get your workplace pension in place.

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    Working out your Staging Date:

    To do this, all we need is the employer PAYE Reference number for your company.

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    Nominate a Contact:

    The Pensions Regulator requires you to nominate a contact within your firm. If you can provide a copy of the Staging Date letter from The Pensions Regulator we can do this for you.

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    Six months before your Staging Date

    We would ask you to send us an Excel spreadsheet with the following details of all your employees

    • Name
    • Date of Birth
    • Salary
    • Contribution levels (How much you and the employees wish to pay if this is different to the 1% + 1% starting level).
    • Name of the company who runs your payroll and a contact name

    From the above information we will then acquire terms from different providers of Auto Enrolment pensions and we will then make a recommendation of which company is most appropriate for you.

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    Recommendation Meeting

    We will then meet to discuss the report that we have put together for you with recommendations and agree the process from then on.

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    Auto Enrolment Presentation

    We will put together a presentation tailored to your business and the agreed pension and present it to your employees so they understand exactly what’s going on

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    Setting up the Auto Enrolment Scheme

    In the meantime we will work with your payroll company and the pension provider to set up your Auto Enrolment Scheme, assess your staff’s eligibility and ensure it will run smoothly.

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    Letters to your Employees

    These need to go out within 6 weeks of your staging date. We can prepare and post out for you all the letters to go to your staff, informing them of Auto Enrolment, the scheme and when payments will start for them.

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    Declaration of Compliance

    This needs to be completed with The Pensions Regulator, we will complete this on your behalf.

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    Ongoing Administration of the Auto Enrolment Scheme

    Your staff’s eligibility will need to be assessed monthly, and any new staff will need to be informed of the scheme, we can work with you to help with this.

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    Annual Reviews

    When the Auto Enrolment Scheme is all up and running we will monitor and review on a regular basis. Once a year we will spend a day at your premises talking through the annual statement and answering any enquiries you and your employees may have.

Charges for auto enrolment

All the Auto Enrolment pensions have a maximum annual management charge (AMC) of 0.75% what this means is that for every £100 in your pension the charge each year will be 75 pence.

Our charge in the first year will cover the set up cost and the cost of the annual review meeting; this can be paid as a monthly amount to spread the cost to the business.

Fees for Auto Enrolment may be adjusted in accordance with the Retail Price Index (RPI). The RPI is a measure of inflation and RPI rates are produced annually by the Office for National Statistics (ONS). Tariffs may be adjusted in accordance with RPI on 1 April every year.

GET IN TOUCH

To find out more about how we can help you, pop in to our Norwich office. Alternatively, we are happy to come and visit you in your Norfolk home or office. Just get in touch to arrange an appointment.

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