The Importance of Auto Enrolment
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- Melvyn Fletcher
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1 autolite AutoLite has been created with one objective to provide a complete solution to employers with their duties and obligations under the Pension Automatic Enrolment rules...
2 2 About us At IFS we combine expertise and experience to help you through the auto enrolment maze. We were involved in running and maintaining group pension schemes before auto enrolment legislation was established and we have many years experience with corporate planning and employee benefits. We frequently work with Accounts, HR, Payroll and Finance Directors on a variety of schemes, planning and projects and therefore understand your objectives. We run a dedicated team within IFS that work purely in corporate planning and employee benefits, to provide the best possible outcomes for our clients. History of Auto Enrolment The shape of pensions has been changing dramatically over the years and there has been a huge change not only in the rules of pensions but also how these are dealt with, contribution types, investment options and how they are paid out on retirement. Prior to Auto Enrolment, employers had several options available to them, from a defined benefit pension with guarantees, to stakeholder pensions. There was also no obligation for an employer to provide access to a scheme or to make pension contributions. However, starting from October 2012, new legislation required every employer to put a pension scheme in place. The date from which the new employer duties will apply is known as the staging date. Employers will have to automatically enrol certain workers into the scheme at that date and make contributions on their behalf. Does this really apply to our company? Auto Enrolment is applicable to most employers, with the onus being on the employer to ensure that they have carried out full due diligence to establish that the auto enrolment rules do or do not apply. It is important to understand that contract workers, the self-employed and directors may be deemed to be workers. Defining who is a worker for Auto Enrolment is different from other legislation. When is this happening? Each employer will be allocated a staging date from when the duties apply to them. This is based on the number of on the PAYE scheme in April For employers with multiple payrolls this will commence from the date of the largest scheme. AS A GUIDE: April October 2015 Below 30 - will all have a staging date before April 2017 New Employers February 2018 The exact date can be confirmed on receipt of the PAYE reference number.
3 3 What employers need to do before their staging date? Nominate a point of contact Determine their Staging Date Review contracts of employment and where necessary seek further HR advice Establish who is a worker and what type of worker they are Identify other personnel and check they are not deemed a worker and should be classified as above Assess the cost implications of each earnings tier and match most suitable earnings tier to the company and workforce. Establish if multiple earnings tiers are required and the basis for each Review any existing pension arrangements to see if they could be used or adapted for auto enrolment Choose which type of pension scheme to use (defined contribution contract-based, defined contribution occupational pension scheme, defined benefit etc.) Choose a pension provider or providers Choose a default investment Decide if using phasing or adapt within guide lines to fit more closely with existing employment contracts Decide whether to use postponement on the staging date and on what basis (up to a maximum of 3 months) Provide pre staging communications and/or inform the work force accordingly Decide if using salary sacrifice and how NI savings will be applied What employers need to do from their staging date & ongoing management Assess workers every pay reference period and classify workers into categories (eligible, noneligible and entitled) Provide designated communications to eligible jobholders, non-eligible job holders and entitled workers within prescribed time limits and comply with any postponement communications Auto enroll eligible Deduct contributions from pay as appropriate Pay contributions on behalf of eligible to the pension provider Have a process for opt outs, including keeping auditable records, re-enrolling opt outs every 3 years and processing refunds Stopping future deductions or dealing with additional voluntary contributions Accept opt in applications from non-eligible or entitled and process accordingly Reporting to The Pensions Regulator and completion of an initial declaration of compliance Re-assess workers at each payroll and repeat the above
4 4 The complete AutoLite solution This is a unique solution which enables IFS to take the auto enrolment responsibilities from the employer and complete the following on their behalf:- Work with the employer to establish the scheme basis Set up the Auto Enrolment processing parameters and communications Pension set up and default fund recommendation Complete the payroll Complete the Auto Enrolment assessments and complete ongoing employer duties above Provide the figures back to the employer to pay in their normal manner Ensure are enrolled and contributions are maintained Process the opt out and opt in applications Provide a help line for and employers Provide a compliant assessment report Complete the annual earnings certification and registration with the Pensions Regulator AutoLite - Seamless Transition Payroll Compliance Communications Pension Making it work for you If you prefer you can continue with payroll yourself, and we can step in to produce the assessments, salary deductions, statutory communications and make the pension contributions. Or you can complete the assessments from payroll and we provide the communication and pension contribution service for you. Alternatively you can use our payroll system. We will discuss with you how to make this work best for your company. This will be unique to your own requirements.
5 5 The complete cost of service Task Setup Implementation & compliant Auto Enrolment Assessment report Monthly costs for payroll & auto enrolment assessments Set Payroll/ Auto enrolment fees 2.00 per employee per month 50 per month * This assumes that payslips are electronic and all member communications are processed via extra costs may be incurred if this is not the case * Weekly payroll will incur an increase in cost of 50% of the set payroll fees and cost per employee per month * We reserve the right to invoice for additional work fee agreements will be issued before work is carried out * Initial payroll migration is included if there are additional complexities with existing payrolls we will discuss any additional costs on a one to one basis The pension & default funds AutoLite utilises the GenLife Master Trust. The trustees are Pitman Trustee Limited. The GenLife Payroll service is a web based payroll system and is similar to other payrolls used by within the SME market. Demo facilities are available of the product. Investment Default Auto Enrolment fund manager is Legal & General Set up basis of the AutoLite Minimum phasing is the default setting. Currently this is 1% employee and 1% employer contributions on the above earnings band. Contributions will increase in line with phasing rules. Postponement rules up to 3 calendar months can be selected.
6 important information Any information in relation to Pensions Auto Enrolment Rules, Pensions and Investment advice and regulations are based on Independent Financial Solution s understanding of current legislation and HM Revenue & Customs practice. Tax treatment can change and depends on your personal circumstances. The information contained in this presentation does not constitute advice. It is designed to provide an overview of current Auto Enrolment rules and requirements. Any statements regarding qualifying criteria are correct at date of issue and may be subject to change. The Financial Conduct Authority does not regulate some aspects of Auto Enrolment. Independent Financial Solutions is a trading style of DMJ Associates which is an Appointed Representative of Adviser Business Solutions Ltd which is authorised and regulated by the Financial Conduct Authority. Adviser Business Solutions Ltd is entered on the Financial Services register (http.// Registration No Adviser Business Solutions is registered with HMRC for VAT purposes. Our VAT number is The Old Flour Mill, Queen Street, Emsworth, PO10 7BT Tel: Fax: enquiries@ifsnet.co.uk Independent Financial Solutions
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