auto enrolment- solution...employee pays (minimum 0.8% of qualifying earnings rising to 4% by 2018)...
TRANSCRIPT
August 2015
Auto Enrolment- Solution
It’s a Government scheme where every (eligible) employee is opted in to a workplace
pension scheme to save for their retirement
Your company is required to contribute to the scheme as well as your employees
Government tax relief is also available to boost contribution
What is Auto Enrolment?
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 (minimum 0.2% of Qualifying earning rising to 1& by 2018)
How does it all work?
AE began in 2012 with the larger companies enrolling first and by 2018 all UK
businesses
It is important you know your staging date as this will drive the whole process of
setting up your qualifying scheme
You can check your staging date here
Staging date
Set up a qualifying AE scheme
Establish which of your employees are eligible
Communicate with all employees
Choose a provider with a default fund that meets the charging cap of
0.75% per annum
Your Responsibilities
Things to consider?
How long will the scheme take to set up?
How much the scheme will cost you and your employees?
Is the scheme easy to use?
Who will deal with the scheme from your company?
Is this the best solution for my employees?
Investment options?
Employee benefit?
Costs effective?
Efficiency of processing?
Any other objectives?
What are your requirements?
Employees must be auto enrolled and begin to make contribution to your workplace
pension if they:
Earn more than £10k per annum
Are aged between 22 and SPA
Work in the UK
Employees who fall outside of this bracket can still join the workplace scheme
and you also still have responsibilities to these employees.
Who is eligible?
Balens has partnered with one of the fastest growing financial services & technology
firms in the UK to provide its clients with an off the shelf solution.
This firm provide technology and support services to 22% of all UK Financial Advisers
and their clients
An off the shelf, easy solution?
Key Facts about the provider
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)
Administrators of
£88bn of assets
on behalf of end
clients.
(as of 31 December 2013)
There are over 18,000
users and 32,000 private
clients using their
system.
(as of 31 December 2013)
Launched a first-of-its-
kind impulseSave®
investment top-up
technology to the
public in March 2014.
One of 67 UK
companies to appear
within the Deloitte
Technology Fast 500
EMEA for 2014.
Why choose them for AE?
Qualifying AE scheme
Free for employers
Easy to use
Easy to set up & manage
No minimums on contributions
The Qualifying Scheme
The scheme defaults into the Legal & General balanced fund
You can also choose from a range of five risk-based Legal & General
funds to suit your employees
There are 7 providers with 5 risk-rated funds from each
Easy to Set up
You will receive a one-to-one service to seamlessly integrate your
system into the new system
You will be able to set up your scheme to suit your business and
objectives
Easy to Manage
The system delivers messages & alerts when you need to act
Dedicated support team
Employee communication
The system generates all mandatory communications for you
All employee documents are stored in your employee’s online account
Employee Benefits
Every employee will have their own online account
They can track and manage their own pension 24/7
This can be done via mobile and tablet apps
Employee’s will be able to:
Choose a target retirement date
Set a realistic goal amount for their pension using the income calculator
Choose from a range investment funds
They will also be able to:
Decide how much risk they want to take
Top up their pension from £1 at anytime using the impulseSave®
Next Steps
Contact Martyn Davies at Balens Financial who will answer any
questions may have and arrange a meeting to discuss your needs
further.
Email, [email protected]
Phone 07917 712 563
Disclaimer All facts and figures were correct at time of publication.
Balens Financial Ltd (FRN 630456) is an appointed representative of Go IFA Ltd, who are authorised and
regulated by the Financial Conduct Authority under the Firm Reference Number 530741.
These slides do not constitute advice and are for information only. This information cannot replace tailored
financial advice based on your needs.
Balens Financial cannot be held responsible for any employer acting without advice on these slides.