Pension Scheme Ostrich or Eagle

auto enrolment

 

Auto enrolment is well and truly upon us, if you employ anyone and you have a staging date within the next 12 to 24 months now is not the time to bury your head in the sand and hope it will go away, with heavy fines for those that do not implement on time and some providers pulling out of the auto enrolment market by placing high minimums on contributions or not allowing schemes with less than 6 employees. The nearer the staging date gets the more likely a company is to receiving a fine from the pension regulator!

The biggest problem most companies will come across is not necessarily the setting up of an auto enrolment scheme but setting up the RIGHT AUTO ENROLMENT SCHEME some schemes have no real choice of funds they use a default fund meaning employees can be in a non performing pension fund costing them money, there are fines for non compliance of an ongoing scheme and choosing the wrong scheme for your employees/business can mean you fall fowl of the compliance issues involved in properly administrating your scheme or at best find yourself employing an admin person to administer the scheme and incurring extra salary and pension contributions. Not all auto enrolment schemes are the same!

Auto enrolment can bring lots of benefits to your company It provides an extra incentive for staff without increasing salaries or providing other benefits such as gym membership or health insurance – extras that are often well beyond the financial limits of small businesses.

At Bristol & West Financial Services we offer an auto enrolment service broken down into easy to understand stages with the initial consultation FREE OF CHARGE. See below for a brief overview of our auto enrolment in a box service.

Employee Benefits – Workplace pensions / Auto Enrolment

Initial consultation meeting 

* Government legislation requirements and timescales

* Existing employer arrangements

* Benefits of scheme implementation

* Employer requirements

Free of charge 

For your free initial consultation call Mark on 01179596503 or Email mark@www.bristolandwestfs.co.uk

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Employer duties workforce assessment report 

* Summary of Employer Duties

* Assessment of workforce

* Assessment of existing schemes against auto enrolment criteria

* Salary exchange option

* When changes affect your company and what you need to do

* Non-compliance implications

* Employer duties for different types of workers

* Scheme certification

Charge dependent on number of employees

 

Scheme, Design and Implementation 

* Provider availability research and recommendation

* Consultation on scheme design and rules

* Salary exchange option review

* Review of payroll / ‘middleware’ requirements

* Consultation of employee communications

* Implementation of scheme including default fund selection

* Provider information and documentation

* Employee presentation of scheme and benefits

* Suitability Report

Charge dependent on number of employees

 

Additional employee consultation

* Benefits of pension planning

* Legal requirements

* Value of company pension benefit to an employee

* Practicalities of group scheme

Additional employee group presentation to staff:

Charge dependent on number of employees

 

Individual employee presentations: 

½ day charge dependent on number of employees

Full day Charge dependent on number of employees

 

Ongoing scheme service review

* Review of ongoing scheme suitability

* HMRC & Pension regulation change

* Default fund performance

* Company employee benefits

* Employee awareness and engagement

Charged at annual rate dependent on number of employees

 

Additional review services

Employee ‘at retirement’ review

Employee personal financial planning review

See individual advice service and cost document for further details.

 

For your free initial consultation call Mark on 01179596503 or Email mark@www.bristolandwestfs.co.uk

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