Practicalities of Auto Enrolment

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Complimentary Webinar Slides: Introduction to Pension Reform (Auto Enrolment) 14th April 2014 Nigel Gorski © The Business Springboard Limited 2014 #SBWChat / LinkedIn Webinar Group

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The Practicalities of Auto Enrolment: These slides compliment the free webinar presented by Nigel Gorksi. Very practical advise for HR and Payroll on what you need to know about Auto Enrolment. If you would like to view the recording, then please join our LinkedIn Webinar Network : http://linkd.in/1acZPdh The Webinar covers: Introduction When you need to act Which scheme? Impact on the employer & employee Record keeping Questions & Answers About the 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 and specialises in taking people up the finance learning curve. His informal plain English style generates high levels of positive client feedback in a training environment. Please contact Nigel at [email protected]

Transcript of Practicalities of Auto Enrolment

Page 1: 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

Page 2: Practicalities of Auto Enrolment

A little bird told me….

0113 322 7240 [email protected] www. shorebird-rpo.com

SHOREBIRD ATTRACT

SHOREBIRD MANAGE

SHOREBIRD SUPPORT

Help companies with their direct hiring strategy

Page 3: Practicalities of Auto Enrolment

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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

Finance for non financial managers – 1 day

Making more of your budgets – 1 day

Delivering exceptional customer service – 1 day

Business mentoring packages

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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.

Page 5: Practicalities of Auto Enrolment

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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:

Page 11: Practicalities of Auto Enrolment

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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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Inspiring training & development for

real business results • bespoke in-house training

• off-the-shelf workshops

• seminars and webinars

• business mentoring

•The 4D Manager

•marketing & PR

• finance

• people

• customer service

• leadership & management

www.thebusinessspringboard.co.uk

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Questions & Answers