Griselda Williams Head of Business Development
Aut utomatic ic Enr nrolm lment affects al all l em empl ployers at t dif different t stag agin ing da dates: 1,334,900 employers staging between now and 31 March 2018 Are you ready? *source The Pensions Regulator
Cho hoosing an an Aut uto-Enrolm lment Work orkpla lace Pen ensio ion Sch cheme As an employer you will want to make sure you are doing the best for your employees now and in the future As an adviser you will want to make sure you are doing the best for your clients We know that you will think carefully about which scheme you will choose to use for automatic enrolment The focus for employers and their advisers is to work with a quality provider who can help guide them through this brave new world
Th The e Pen ensio ions Reg egulator r ha have sugg suggested 7 key que questio ions you ou need to ask when choosing a provider… Is this a quality scheme How simple is the scheme to use What are your investment options Who is managing the investments Are you getting value for money Who is your pension provider Who is providing compliant communications
Trans ansparency & Goo ood Governance It is important that any scheme you look at can answer these 7 questions is fully transparent and up front with this information can give you assurance that they adhere to the good governance guidelines set by the DWP and TPR TRUST|Pensions provides a detailed report “How to Choose a Quality Scheme” addressing each of these points which can be found on the home page of our website www.trustpensions.org.uk
Watch ou out t for or sc scams !!! !!! Always ask for the scheme’s HMRC Pension Scheme Tax Reference number Or check with The Pensions Regulator to make sure it is a legitimate scheme
Aut uto- Enrolment….Let’s get started! Whether you are an employer setting up a scheme directly, or an adviser assisting a client through the process, preparing for auto- enrolment follows the same steps Here is our 10 step process, based on the guidelines provide by The Pensions Regulator to help you get it done…
10 steps to o aut auto-enrolment 1. Check your Staging Date 2. Nominate a Point of Contact with TPR 3. Create an Action Plan 4. Review existing scheme if any 5. Understand the Payroll Costs 6. Assessment & Communications Compliance 7. Join the scheme using an Express form 8. Register a declaration of compliance with TPR 9. Test assessment, test contributions 10. Ongoing governance
How TR TRUST| T|Pensions can an he help lp you ou with thi this TRUST|Pensions provides an easy to use solution that will take away the burden of auto-enrolment Core pension service is free to employer Optional assisted sign-up and full compliance management a one-off £750 + VAT Optional ongoing assessment & communication compliance package for £12 p.a. per employee Annual charge to members 0.75%
If you don’t set up a scheme by your staging date… The Pensions Regulator has the power to issue steep fines of £400 plus a daily fine of £50 for micros (1- 4 staff) and £500 for SME’s (5 -49 staff) for every day that you are non compliant
Th Three ess essentia ial thi things to o rem emem ember Get your staging date checked using your payroll number Get your employees to provide you with their home email addresses so the scheme is personal to them in case they leave your business Join the scheme at least 3-6 months before your staging date in order for payroll get set up, and to do test runs. This means everything in place in good time and good order.
Encourage Employees to save…
Regulatory environment for Advisers Multi-employer schemes (master trusts) are closely regulated by The Pensions Regulator Referral to a master trust is not a FCA regulated activity hence can be done by a business adviser, eg accountant as well as financial adviser Individual advice to members (eg risk profiling assistance with investment options and/or transfer out to SIPP arrangement) is FCA regulated and requires adviser to have client agreement with an individual member
Defaqto 5 Star Rating Investment platform Default investment manager AXA Wealth Corporate Alliance Bernstein Trustee Investment Plan Accountant Pensions Playpen haysmacintyre Circle Bankers HSBC of AXA Self Investor TRUST Stocks & Shares ISA Self select options Architas, LGIM & HSBC Professional Trustee Bridge Trustees Ltd, Group life cover 100% owned by Eversheds LLP Canada Life’s Simply CLASS service
We are here to help Griselda Williams Head of Business Development griselda@trustpensions.org.uk TRUST |Pensions Tel 0117 322 6565 enquiries@trustpensions.org.uk www.trustpensions.org.uk TRUST|Pensions is part of the Corporate Pensions Trust a multi-employer defined contribution only master trust, HMRC Pension Scheme Tax Reference 00805962RF Corporate Pensions UK is a privately owned specialist pensions provider and is the main employer of the scheme. For more information see www.corporatepensions.org.uk
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