Auto Enrolment
Government driven legislation. The idea is that by making it mandatory for businesses to have a compliant pension scheme this will in turn help ensure that employees and employers contribute to their pension.
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What is Automatic Enrolment?
Automatic Enrolment for businesses came into force in October 2012. It was introduced by Government to help bridge the growing pension deficit and to re-direct some of this material liability away from the state.
All employers, even if they have a group pension scheme already in place and no matter what the company size, now have a legal obligation to offer an Auto Enrolment compliant pension at the staging date.
Employers are responsible for contributing to the Auto-Enrolment compliant scheme in line with the pension regulator’s framework as well as ongoing maintenance of the scheme including, opt-ins, opt-outs and establishing which employees should be auto-enrolled.
How can we help?
If you are an employer and would like help, we can help you with the following:
- Establishing your staging date.
- Reviewing your existing group pension and defining whether it is compliant or whether it can be adapted to be an Auto Enrolment compliant scheme.
- Implement the correct payroll and middleware systems.
- To set-up a suitable scheme which is invested correctly in line with fast moving market conditions.
- To manage the scheme on an ongoing basis to ensure the scheme remains suitable, both at an employer level and employee level.
- Present key-updates to employees about their Auto Enrolment pension scheme.
- And of course, to ensure that your company is ready for Auto Enrolment by your staging date and help ensure that your firm will comply with all of the new regulations.
A summary of our Automatic Enrolment advice service and support can be summarized as follows:
– Level 1. This comprises of a one hour Employer and a one hour Employee presentation and is provided at our own cost, i.e. no charge to you.
– Level 2. This comprises of a more comprehensive package where we will provide documented recommendations for a suitable Automatic Enrolment scheme. It is down to the Employer to implement the advice provided. All advice is fully underwritten by Quilter FS.
– Level 3. This is a full service, from providing documented recommendations to implementing those recommendations. All advice is fully underwritten by Quilter FS.
As with all financial advice, every employer is different and will have different requirements and needs.
If you are a company based in Berkshire, Buckinghamshire or West London and would like to find out more about how Alex can help your business through Auto Enrolment setup and ongoing scheme management, book a meeting or call him on 01628 308 138 or 01628 566446.