MANAGING EMPLOYEE RISKS FOCUSING ON PENSION REFORM

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1 MANAGING EMPLOYEE RISKS FOCUSING ON PENSION REFORM

2 The Countdown to AUto enrolment Employers are counting down to the biggest change to UK pensions since the State Pension was introduced. The Pensions Act 2008 laid out the framework for the Government s plans to increase the level of retirement saving through the workplace. The new regulations come into force from October 2012 and will be staged over four years, starting with the largest employers first. The new regulations will require every employer, regardless of size to: Automatically enrol eligible jobholders into a pension arrangement, and then re-enrol opted out employees every three years. Make a contribution on their behalf of at least the minimum level specified. Abide by a new compliance regime enforced by the Pension Regulator and provide evidence of compliance through the provision of robust management information. Communicate information on the scheme to employees.

3 Auto-Enrolment: Employers Checklist Know when you need to act Establish your staging date. Start the planning process In advance of the staging date, you should: Assess Workforce Identify the employees that will need to be automatically enrolled. Have you considered all sections of workforce i.e. contractors, temporary workers, subsidiaries? Pension Strategy What are your company s objectives regarding pension provision? Willis Employee Benefits can help you explore this. Some employers will be aiming for a market leading pension arrangement, for others an arrangement at minimal cost to meet the statutory requirements will be the preferred option. Review existing pension arrangements Willis Employee Benefits will conduct a full review of existing pension arrangements to ensure that the scheme meets the requirements for existing members and that it can be used in the future for the auto enrolment of new members. The current scheme could be used, perhaps with changes and in addition to NEST for lower paid staff. Budget Have you considered, and budgeted for the increase in expected pension costs? The total cost of the scheme will very much depend on your current arrangements and establishing this will be essential for you to budget over the coming years. Willis will help you achieve a realistic budget to deliver a successful project. Mobilise an implementation team Engage with Willis Employee Benefits to understand legal requirements and assess impacts. Establish who will be responsible for automatic enrolment within your organisation.

4 Brief key management personnel The new employer duties will impact a number of areas: Payroll (in-house and outsourced) HR Finance IT Internal communications Implement Human Resources & Payroll procedures What systems will you use to comply with the administration requirements of auto-enrolment? Willis Employee Benefits can assist in the human resources and payroll requirements of auto-enrolment. Employee Communication Work with Willis Employee Benefits to develop an employee communication programme. Ongoing compliance with legislation Post implementation work with Willis Employee Benefits on anticipated changes in legislation or employee benefit practice, including technical bulletins and account management meetings. There is a need to create a governance committee to ensure that the performance of your pension provider is evaluated on an ongoing basis. For many companies the ability to produce and deliver effective relevant management information to support audit requirements under auto enrolment is a big concern. Willis has developed a bespoke automated auto enrolment platform that can be used by clients to satisfy all ongoing management and audit responsibilities. Full details are available on request. THE WILLIS ADVANTAGE The Willis Employee Benefits team combines the tools and resources of a global insurance broker with the qualities of a pure consulting firm. We can consult with you to develop a pension strategy to meet your business objectives, then put in place an end to end solution to meet the needs of your business. We have the expertise to guide you on your legal requirements under pension reform, and help assess the impact of pension reform on your business, before helping deliver a practical solution to meet your new duties. Ongoing we will work in partnership with you to evolve your pension solution as your business grows and develops, and the legislative landscape and benefits marketplace changes. For more information on pension reform and how Willis Employee Benefits can help you, us at or contact your Willis relationship manager.

5 WHAT are the issues FOR my business 2012 sees the introduction of wide ranging reforms in the pensions world which will mean that employers will have a greater role in the provision of pension savings across their workforce. There are a number of key issues to consider: What will be the financial impact to your business from the minimum contribution levels and increased participation? Will your current scheme qualify under the new criteria? Operationally how will you meet your additional legal obligations such as auto enrolling employees, record keeping and compliance reporting? What are the implications for internal IT and payroll systems? What communication and support will employees need? Guidance from the Pensions Regulator suggests that as an employer you could need an adviser to: Review your existing pension arrangements. Understand the legal requirements and assess the impact on you. Develop an employee communication plan. when do i need to start thinking about this? The legal deadline for auto enrolment is known as a staging date and the first of these will be 1st October These staging dates are then spread over the next four years depending on how many employees you have. However, your staging date is the legal deadline to complete your project. Responsible employers will wish to be proactive to ensure they have everything in place in good time. There may be significant work to be carried out in relation to budgeting, scheme changes, possible system enhancements, and employee communication, all of which need appropriate planning. The Pensions Regulator is keen for employers to be prepared in good time and with significant fines for non-compliance, it is something all employers should be taking seriously, and factor into their strategic planning now. We have the expertise to guide you on your legal requirements under pension reform, and help assess the impact of pension reform on your business.

6 Willis Employee Benefits Limited The Willis Building 51 Lime Street London, EC3M 7DQ United Kingdom Tel: +44 (0) Willis Employee Benefits Limited is authorised and regulated by the Financial Services Authority. Registered office: The Willis Building, 51 Lime Street, EC3M 7DQ. Registered number England and Wales. FP1169/9898/09/11

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