Pension Changes - Auto Enrolment

19th January 2015

Auto enrolment is essentially a new compliance function for your company and as your Trade Association we want to make sure you are in the best place to deal with the issues it presents, which is why we asked Andrew Botterill, Managing Director of Tenet Employee Benefits Solutions to come to Conference and give you a very brief ‘heads up’ on the essence of the legislation and challenges. 
  
  
The key points we want to make sure you are aware of -
  
You will all have a staging date assigned to you determined by the number of employees on your PAYE scheme as at April 2012.

2015 onwards will be the turn of the employers with 50 employees or less as at April 2012.

You will receive a notification of your staging date 1 year before staging with reminders subsequently.

You will need to establish a qualifying workplace pension scheme as at your staging date.

You will need to assess your workers (not necessarily just your employees) each time you pay them and drop them into 1 of 3 categories.

Each category has a separate list of communications which must be sent within certain time periods.

If you identify eligible employees – those between ages 22 and 65 earning over £10,000 (as at 2014/15 tax year) you must automatically put them into your pension scheme and make a deduction – the company must also pay a contribution.

You must notify the pension provider of your eligible employees – they will collect contributions and issue an opt out notice to the employee – if the employee notifies the provider within 6 weeks that they do wish to opt out then they and the company get a refund.

Individuals who do opt out must be re-enrolled every 3 years.

You must keep records.

You have decisions to make regarding the definition of pensionable salary and contributions.

There are also options around phasing contributions up to October 2018 and you can use a facility called postponement to manage resources and costs – (you cannot postpone your staging date although you can apply to bring it forward) 
  
Things to bear in mind 
  
Auto enrolment is potentially complex – in all likelihood you will need some kind of help 
The most significant problem everyone faces is capacity – with over 40,000 companies staging this year and 130,000 companies in first quarter 2016, presents all participants with problems of finding an appropriate pension scheme, setting up your payroll, complying with your employer duties and getting someone to help you without paying the earth.   
  
Tenet can assist you with all aspects of your auto enrolment project management.

In September 2012 Tenet launched their Auto Enrolment Solution for Financial Adviser Member Firms, which provides us with the expertise and processes required for successful Auto Enrolment delivery. 

The key credentials of Tenet Employee Benefit Solutions (TEBS): 
 

Established in 1995 
Based in Henley on Thames and Leeds 
Provide administration and consultancy services on the full spectrum of employee benefits, not just Auto Enrolment 
Have delivered Auto Enrolment for 70 Companies and some 8000 Employees across the UK to date 
Appointed to the DWP Intermediary Focus Group in 2013 
Appointed to The Pension Regulator Auto enrolment user group 2014 
One of 2 Intermediaries appointed to The Pension Regulator Auto Enrolment User Group 
TRACS – a state of the art Auto Enrolment software system 
  
They also offer a reservation service that will ensure you have resource and expertise available when you need it and provide you with what you need to know – this would normally cost £350 +VAT however for SPA members the cost will be £200 +VAT, designed principally for last quarter 2015 and 2016/17 stagers    
  
Please find the TEBS Brochure below, along with a link to the Website: 
    
http://www.tenetebs.co.uk/media/tebs/index.html 
  
http://www.tenetebs.co.uk/ 
  
Please contact Andy Staveley on 07751 126374  to find out more details 
  
Please note our address and telephone number has changed 
  
Andrew Botterill                                              
Managing Director 
Tenet Employee Benefit Solutions 
First Floor 
The Clubhouse 
Badgemore Park 
Henley on Thames 
RG9 4NR 
Tel:           0113 239 5325