Auto enrolment employer presentation

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    15-Jul-2015
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Transcript of Auto enrolment employer presentation

  • Auto enrolment on auto pilot.A unique solution for you and your employees.

  • What is Auto Enrolment?

  • Its a Government scheme where every employee (who is eligible) is opted into a work based pension scheme to save for

    their retirement.

  • Your company is required to contribute to the scheme as well as the employee. Government tax relief will also boost contributions.

  • Employee pays

    Minimum 0.8% of qualifying earnings

    rising to 4% by 2018.

    Employer pays

    Minimum 1% of qualifying earnings

    rising to 3% by 2018.

    Government pays

    0.2% of qualifying earnings rising to

    1% by 2018.

    How it works:

  • Find out your staging date:

    Upcoming dates

    PAYE Scheme Size Staging Date

    60 1 Oct 2014

    59 1 Nov 2014

    58 1 Jan 2015

    54-57 1 March 2015

    50-53 1 April 2015

    40-49 1 August 2015

    30-39 1 October 2015

    Fewer than 30 1 June 2015 - 1 April 2017

    Employers without PAYE 1 April 2017

    Auto enrolment began in 2012 with large companies and will affect all UK businesses by 2018.

  • Your responsibilities:

    Set up a qualifying auto enrolment scheme

    Establish which of your employees are eligible

    Communicate with all employees

    Choose a pension provider with a default investment fund

  • You need to consider:

    How long will the scheme take to set up?

    How much does the scheme cost me and my employees?

    How easy is the scheme to use?

    Is this the best solution for my employees?

  • Who is eligible?

  • Employees must be auto enrolled and begin to make contributions to your work based pension if they:

    Earn more than 10k per year Work in the UK

    Your employees who fall outside these criteria can choose to join a work based pension scheme.

    Are agedbetween 22 and

    State Pension Age

  • Why work with us?

  • The True Potential LLP group of companies is one of the fastest growing financial services and technology firms in the UK.

  • We are a well respected financial force who provide investments, technology and support services to 22% of all UK Financial Advisers and their clients.

  • Key facts about the True Potential group of companies:

  • Administrators of 88bn of assets on behalf of True

    Potential end clients. (as of 31 December 2013)

    The Group had a turnover of 27.5M

    for 2013, an increase of 112% on the previous year

    Net profit for 2013, increased by 47% over 2012 (5.3m)

  • Launched a first-of-its-kind impulseSave

    investment top-up technology to the

    public in March 2014.

    There are over 18,000 users and

    32,000 private clients using our single intergrated wealth platform.

    (As of 31 December 2013)

    One of 74 UK companies to apper withing the Deloitte

    Technology Fast 500 EMEA for 2013.

  • Why do employers choose True Potential Investor for auto enrolment?

  • Employer benefits:

    Qualifying auto enrolment scheme

    Free to employers

    Easy to use

    Easy to set up

  • Qualifying auto enrolment scheme:

    Our auto enrolment scheme has a default L&G balanced fund that meets the Governments

    pricing criteria

    You can also choose from a range of five risk- based L&G funds to suit your employees, all

    under the Governments price cap

  • Simple setup:

    You receive a one-to-one service to seamlessly intergrate the new system

    Set up your scheme to suit your business and employees

  • Easy to manage:

    The system helps you, or your accountant, stay on top of your auto enrolment obligations with alerts and messages when you need to act

    After youre set up, our dedicated support team is here to help with any questions

  • Mr J Smith

    1 Random House

    Durham DH7 7ZK

    Dear [insert name]

    To help people save more

    for their retirement, the g

    overnment now requires a

    ll employers in the public

    and private sector to enro

    l eligible workers into a qu

    alifying workplace pensio

    n scheme.

    To comply with the new le

    gislation, all eligible worke

    rs will be enrolled. We are

    enrolling you into the

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    What does this mean for yo

    u?

    [Employers name] and you

    will both pay into it every

    month. The payments into

    your pension will be

    taken directly from your m

    onthly pay and will include

    your contributions includ

    ing tax relief and our

    contribution as follows:

    Our contributions of [i

    nsert exact percentage].

    Your contributions of [

    Insert exact percentage].

    You can choose to opt

    out of the Scheme if you w

    ant to but if you stay in, yo

    u will have your own

    pension which you get wh

    en you retire.

    You will receive tax re

    lief on your contributions.

    Your pension belongs

    to you, even if you leave o

    ur employment in the futu

    re.

    What you need to do now?

    This depends on what you

    want to do. You have two

    options:

    1. If you want to join the p

    ension scheme on [insert A

    uto Enrolment date], you d

    ont have to do anything

    and your personal details

    will be passed on to True

    Potential.

    2. If you do not want to joi

    n the pension scheme, you

    can opt out from [insert st

    art date of opt out

    period]. You cannot opt ou

    t until after you have been

    enrolled into the scheme.

    The end date of your opt

    out period will be either o

    ne month or three months

    later, depending on the s

    cheme rules and the Auto

    Enrolment Regulations 201

    0.

    Yours sincerely

    [Insert name of signatory]

    a b c

    Because there arent enough of us saving for our retirement the Government have launched a

    new scheme called auto enrolment. The initiative means that every employee (who is eligible) is

    automatically opted into a work based pension. Its an excellent way to grow your savings because

    not only do you contribute yourself, so does your employer while the Government tax relief also

    boosts contributions which makes for greater savings and a far brighter future.

    Powered by

    If youre in, youre in for a nice surprise. Auto enrolment is coming.

    Because there arent enough of us saving for our retirement the Government have launched a

    new scheme called auto enrolment. The initiative means that every employee (who is eligible) is

    automatically opted into a work based pension. Its an excellent way to grow your savings because

    not only do you contribute yourself, so does your employer while the Government tax relief also

    boosts contributions which makes for greater savings and a far brighter future.

    Powered by

    If youre in, youre in for a nice surprise. Auto enrolment is coming.

    Because there arent e

    nough of us saving for

    our retirement the Gov

    ernment have launche

    d a

    new scheme called au

    to enrolment. The initi

    ative means that every

    employee (who is elig

    ible) is

    automatically opted in

    to a work based pensi

    on. Its an excellent wa

    y to grow your savings

    because

    not only do you contrib

    ute yourself, so does y

    our employer while the

    Government tax relief

    also

    boosts contributions w

    hich makes for greater

    savings and a far brig

    hter future.

    Powered by

    Join the people saving

    for a better future.

    Auto enrolment is comi

    ng.

    The system generates all mandatory communications for you

    All employee documents are stored in your employees online account

    Employee communication:

  • How the scheme will benefit your employees

  • True Potential Investor gives your employees a online account to track and manage their pension fund 24/7.

  • Your employees can:

    Choose a target retirement date

    Set a realistic goal amount for their pension using our income calculator

    Choose from a range world-class investment funds

  • Your employees can:

    Track their pension 24/7 online or via our mobile and tablet apps

  • Decide how much risk they are willing to take

    Top-up their pension from 1 at any time using our first-of-its-kind impulseSave feature

    Your employees can:

  • Employer site demonstration:

  • Whats next?

    Any questions?

    Agree and sign the service contract

    Implementation team will be in touch to guide you through setup

    Register with The Pensions Regulator no later than five months after your staging date

  • Disclaimer

    Your capital is at risk, investments can fluctuate in value and investors may not get the amount back they initially invest. Past performance is not a guide to future performance. Tax rules can change at any time. TPI Pension eligibility and tax rules apply.

    True Potential Investor is a trading name of True Potential Investments LLP which is authorised and regulated by the Financial Conduct Authority. FSR no 527444. Registered in England and Wales No OC356027. www.fca.org.uk.

    True Potential Investor and this website together with th