Practicalities of Auto Enrolment
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Transcript of Practicalities of Auto Enrolment
Complimentary Webinar Slides:
Introduction to Pension
Reform (Auto Enrolment)
14th April 2014
Nigel Gorski
© The Business Springboard Limited 2014
#SBWChat / LinkedIn Webinar Group
A little bird told me….
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About Your Presenter
Nigel is a fully qualified chartered accountant with considerable people management and training experience. He has not only worked in industry and for one of the ‘big 4’ accountancy firms but now runs his own accountancy practice. Nigel has considerable business mentoring experience and delivers the following modules for The Business Springboard:
The 4D Manager – 2.5 Days
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Making more of your budgets – 1 day
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Disclaimer & Copyright
These materials are designed solely for the use of participants on our courses. These materials shall not be copied or reproduced in any format whatsoever without the prior consent of The Business Springboard Limited.
The content of these materials does not constitute advice tailored to any participant’s specific needs and to the maximum extent permitted by applicable law, The Business Springboard or any of its employees or associates shall not be held liable for any direct, indirect or consequential loss or damage arising as a result of use of these materials.
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Welcome
Introduction
When you need to act
Which scheme?
Impact on the employer & employee
Record keeping
Questions & Answers
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Introduction
The new legislation came in in July 2012
The requirement is to automatically enrol certain
workers into a pension scheme
Pension schemes can range from an existing scheme
to the Government backed NEST scheme
This is an employer duty
Careful planning is required
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When You Need to Act
Migrating to a scheme is called ‘staging’
It’s based on the size of your largest PAYE scheme at 1
April 2012
Employers are being written to but you can check your own
staging date
Larger employers are already ‘being staged’ by February
2014
Medium sized employers with 50 to 249 persons in their
larges PAYE scheme will be ‘staged between 1 April 2014
and 1 April 2015 – these employers need to start acting
Small employers will commence 1 June 2015
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Which Scheme?
Many larger employers who are currently ‘staging’ will
already have pension schemes
You can use your existing scheme if it meets the criteria for
all
You can use your existing scheme (provided it qualifies) for
existing members and set up a new one up for ‘auto
enrolees’
Setting up a completely new qualifying scheme
NEST is an option which may be relevant to small and
medium sized employers but other options are available
We can’t advise on this point!
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What is NEST?
The ‘National Employment Savings Trust’
It must accept all employees who apply
It has been established by the Government
Contributions come from employer, employee and
some tax relief from the Government
It’s subject to minimum contribution rules
There is a lot of information on their website to help
you prepare employee communications
Employees keep the same pension even if they move
jobs and both employers use NEST
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Who has to join?
2013/14 rates:
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Impact on the Employer & Employee
Auto Enrolment will result in a cost to the employer
The employee can opt out within 1 month
Relevant earnings run with the NI eligibility band –
currently £5,688 to £41,450
2%
5%
8%
Employer Contribution 1%
Employer Contribution 2%
Employer Contribution 3%
October 2017 to
September 2018
September
2018 Onwards
Until October
2017
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Record Keeping
Record keeping starts with the communication of the
event
Consider having a special event
Ensure you have every employee eligible to join attend
a briefing and receive the same information
Do not attempt to dissuade them from joining
Review your joiners packs
Make sure your payroll records are up to date
Make sure your payroll can cope with the deductions
Have records in place in case you need to refund
contributions
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HR Law & Practice
Need to keep up to date with employment law?
Want expert advice on how to put the latest
employment law into practice?
HR: law & practice is a year round resource for
HR professionals. Our programme of regular
employment seminars and interim updates
bring you an essential combination of legal
expertise and practical advice.
Join our breakfast seminars in Leeds or
Newcastle – ask for details!
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Questions & Answers
• View more FREE webinars at
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Thank you
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