The GREAT Auto Enrolment opportunity?
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- Camilla Riley
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1 The GREAT Auto Enrolment opportunity? An accountants guide to helping clients through the pension reforms March 2014 For information purposes only. Some of the service suggestions within the document may only be provided by individuals or organisations who are regulated by the Financial Conduct Authority.
2 Auto Enrolment is like playing a game of snakes ladders The 2012 Pension reforms, better known as Auto Enrolment, was an opportunity that some approached with caution when the legislation was first introduced. Now, some 18 months on, Auto Enrolment has seen itself become a hot topic, as many accountants are beginning to recognise and benefit from the significant commercial opportunities that lie ahead. The size of this opportunity will be determined by your appetite to formulate an advantageous client proposition.
3 What is your client proposition? As a minimum, Auto Enrolment presents accountants with a platform to provide a range of process-based services including: 3 Payroll processing and administration Every pay period, payroll processors will need to re-assess the workforce and notify the client of any employees to be opted in, and then manage the associated administration. 3 Scheme provider data submission Also, during pay periods, the payroll processor will need to send data and information in the prescribed format to the scheme provider. 3 Data submission to The Pensions Regulator Maintaining dialogue with The Pensions Regulator through regular data updates. An activity best suited to accountants. However, accountants who see the arrival of Auto Enrolment as an opportunity to enterprise and grow their business, will be attracted to the suite of added value services that can be offered to their clients. The question is do you choose to engage with Auto Enrolment and take the opportunity to acquire new business, or do you risk not retaining your long-standing clients as they opt for advisers who can offer the support they need elsewhere? You can approach Auto Enrolment by fulfilling any one of these three roles: Administrator Manage the processing of Auto Enrolment, linking in with payroll Partnership Collaborate with a financial adviser to provide a comprehensive service offering Direct Offer process management and advisory services This guide highlights six main areas that employers may seek guidance on from their accountants.
4 May 12, ,300 July 12,600 12,700 June 13,100 13,100 October 14,800 14,900 April 6,100 6,200 August October November January April March 3,700 3,800 3,200 3,300 Staging dates continue and peak at 134,200 for companies in 2016 Number of companies due to Auto Enrol in 2014 Number of companies due to Auto Enrol in 2015 Setting the scene: The inevitable capacity crunch on the horizon Many involved with Auto Enrolment can feel a degree of satisfaction that it s a case of so far, so good. Opt-out rates are lower than anticipated and public perception has been largely positive. But now things are about to change as we welcome the SMEs into the arena in fact some 12,000+ companies during the middle of And many of them are heading towards their accountants for support and expertise. It s at times like this when careful planning can pay dividends. Myth It will be wrong to assume that payroll providers will ensure that employer data complies with regulations. It is the duty of the employer and their adviser.
5 1. Adviser scheme review and selection* Scheme review tends to be the starting point for accountants. Employers are keen to establish from the outset whether their existing workplace pension arrangement qualifies under the terms of Auto Enrolment. If their scheme does not qualify then the employer may seek the necessary guidance to either adapt or seek an alternative provider arrangement. Indeed, employers may also use Auto Enrolment to motivate a larger employee benefits remuneration evaluation exercise an area that would represent a significant opportunity for advisers. Existing scheme for compliance review Alternative scheme and/or provider selection Broader employee benefits package review * Scheme review and selection services should be provided by advisers or advisories who are regulated by the Financial Conduct Authority. 2. Employee and data assessment Data assessment is a core requirement of the Auto Enrolment process, as it will ensure you enrol the right employees at the right time, paying the correct contributions. The perception is that NEST (the government s workplace pension solution) and other major providers will handle the data assessment as part of the package they offer. Some don t, many charge and not all providers can complete assessments fully. Advisers are recommended to have their own inhouse data assessment and cleansing system which they can use, at will, and of course command a fee for. A web-based tool is preferable meaning no installation or ongoing systems maintenance. Greater control also reduces the risk of non-compliance and any potential penalties. Employee eligibility assessment Data cleansing and formatting for payroll Please refer to the 1998 Data Protection Act for more information.
6 10% 1% 5% 3. Contribution levels Typically employers will look to their advisers when it comes to calculating appropriate contribution levels. Accountants working through Auto Enrolment with existing clients will be able to use their insight to judge scheme affordability, whereas accountants working with new clients will gain exposure to an employer s wider financial standing opening up an opportunity to offer additional services. In particular employers may be keen to get an understanding of how Auto Enrolment has impacted their business particularly in relation to remuneration costs. Accountants and advisers will also be well placed to demonstrate why planning ahead will be more prudent and represent less impact of business as usual. Contribution levels guidance (general) Contribution levels guidance (individual) 4. Communicating with employees Surprisingly many employers look to their advisers for what they view as financial education. Handled incorrectly, and employees will be left feeling robbed of their pay cheque. However, presented openly and well in advance, employers could experience a more positive reaction from employees, through improved retention and a greater appreciation of benefits. A good quality Auto Enrolment system will issue employee communications automatically. Better still, by selecting your own inhouse system, accountants are able to control the timing and presentation of the communications. Some providers will offer communications as part of their overall solution, but this tends to be less favourable as advisers will loose control of the process whilst maintaining overall accountability if issues occur. Statutory communications (joining letters, opt-out forms etc.) Employee education (additional communications)
7 5. Regulatory compliance The Pensions Regulator will enforce non-compliance by issuing statutory notices and fixed or escalating penalties. You can help your clients avoid this by understanding the compliance requirements, one of which is for the employer and the pension scheme to keep certain records. Above is a link to the Pensions Regulator s enforcement strategy and regulatory approach. Responsibility for complying with the duties ultimately lies with the employer. However, as an adviser, there are third party compliance obligations which you must be aware of when carrying out these activities on behalf of your clients. Guidance on record keeping and other compliance measures 6. Scheme reporting, analysis and re-enrolment* An adviser s role needn t finish once the Auto Enrolment cycle has completed. Indeed, in many ways a company s staging unlocks the potential to provide reporting and ongoing financial advice as part of an employer s annual review. Most employers will be very interested to get a picture of how successful Auto Enrolment has been for them, giving advisers the option to provide analytics. And before you know it, once three years pass, it will be time to conduct re-enrolment! Annual scheme review* Re-enrolment (every three years) * Annual scheme review and selection services should be provided by advisers or advisories who are regulated by the Financial Conduct Authority.
8 How can help your Auto Enrolment service proposition 1. Scheme review 2. Data assessment 3. Contribution levels So these are the six main areas that we think could help you add value and ultimately determine your clients Auto Enrolment success. Full colour (CMYK) You could choose to charge this package or elements of the package on a fixed fee basis, removing the need to bespoke your proposition each time, whilst giving your client complete cost transparency. ease, one of the leading Auto Enrolment solutions, can help you provide this complete experience through use of our data management and communications tool. 4. Employee comms 5. Regulatory compliance 6. Scheme reporting Auto Enrol with ease by contacting Giuliano Zanchi on or info@enrolwithease.com.
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