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November 2015

The Pensions Regulator takes action on non-compliance

The Pensions Regulator takes action on non-compliance

Posted on: 20 Nov 2015 by: CamOuse Financial Management Limited

The Pensions Regulator (TPR) publishes annual and quarterly commentary and analysis on automatic enrolment and the powers they have used to ensure employer compliance over the relevant period. The data gives a breakdown of which of the several compliance enforcement actions have been applied.

Tags: Pensions,


Teaching your children about money in family life

Teaching your children about money in family life

Posted on: 20 Nov 2015 by: CamOuse Financial Management Limited

Before your children are off to primary school, they may be with you for much of your weekday life, and go with you wherever you go. So when you go shopping, to the bank or cash machine, they may well be there with you but are probably a bit young to be learning much about handling money, savings and being careful with their cash.

Tags: General Information,


Autumn Statement Preview 2015

Autumn Statement Preview 2015

Posted on: 10 Nov 2015 by: CamOuse Financial Management Limited

The Chancellor will be delivering the Autumn Statement and Comprehensive Spending Review against a challenging economic background. Figures for the third quarter showed the UK economy had grown by 0.5% (against 0.7% in the second quarter of the year). Whilst it’s disappointing to see the pace of growth slowing, this is a trend that’s happening around the world: the problems of the Chinese economy have been well documented and the third quarter figures for the American economy showed a dramatic slowdown compared to the previous three months.

Tags: General Information,


Five exciting purchases that could also be ‘alternative investments’

Five exciting purchases that could also be ‘alternative investments’

Posted on: 5 Nov 2015 by: CamOuse Financial Management Limited

A recent article published by Saga describes some ‘alternative investments’ that can be enjoyed by the purchaser and then potentially sold when the time is right. Whilst we would always urge caution when it comes to alternative investments, and suggest personal consultation with your adviser before pursuing any of them independently on a purely profitable basis, some of them do make a very good story at least (if not a reliable part of a portfolio!).

Tags: General Information,


Case Study: An Auto-Enrolment lesson to be learned for employers

Case Study: An Auto-Enrolment lesson to be learned for employers

Posted on: 2 Nov 2015 by: CamOuse Financial Management Limited

The Pensions Regulator (TPR) in their last Quarterly Bulletin (ending June 2015) published Auto-Enrolment case studies of non-compliant Auto-Enrolment behaviour, in order to help other employers avoid these situations. In particular, concerns about employers not understanding contractual relationships in order to identify who is a worker, were highlighted.

Tags: Auto-Enrolment,


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CamOuse Financial Management is authorised and regulated by the Financial Conduct Authority.

None of the information contained in this website should be considered as personal recommendation and is for information only. Should you wish to make a financial transaction we recommend that you take personal financial advice after a thorough review of your personal and financial circumstances.

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targets at customers in the UK.

Registered address: Unit 111, Lancaster Way Business Park, Ely, Cambridgeshire, CB6 3NX

Registered in England and Wales. Registered No: 5662116.

Peninsula: Accredited Standard

Understanding the true cost to your business

Pension arrangements must be available for all employees. There are three categories of employee:

Eligible

Aged between 22 and State Pension Age (SPA) with qualifying earnings over the Auto Enrolment earnings trigger

Non-eligible

Aged between 16 – 74 with qualifying earnings between lower threshold and the Auto Enrolment earnings trigger
 
Aged between 16 -21 or SPA – 74 with qualifying earnings over Auto Enrolment earnings threshold

Entitled

Aged between 16 -74 with earnings below the qualifying earnings lower threshold

Important Notes

  1. Eligible jobholders must be auto-enrolled
  2. Non-eligible jobholders are allowed to be auto-enrolled if they want to
  3. Entitled workers are entitled to join a pension scheme, but the employer doesn't have to contribute

Qualifying Earnings lower threshold

£5,772

Qualifying Earnings upper threshold

£41,865

Automatic Enrolment earnings trigger

£10,000

Minimum contribution level options:

8% of Qualifying Earnings of which

3% is employer's (starting at 1%)

9% of Basic Salary of which

4% is employer's (starting at 2%)

8% of Basic Salary of which

3% is employer's (starting at 1%)

(Where basic salary is at least 85% of total earnings)

7% of gross earnings of which

3% is employer's (starting at 1%)

Pay reference period

Essentially the frequency that the jobholder is paid e.g. monthly, weekly etc. but with reference to the tax month, week etc. therefore it may not be the same as the payroll period.

Deduction and payment of contributions

It is the employer who is responsible to calculate, deduct and pay all contributions to the AE scheme. NOTE – the first and last contributions are likely to be for less than a full pay reference period and should be adjusted accordingly.

Payroll services

It can be seen that it is very important that the payroll system synchronises with the AE scheme otherwise the employer will not be carrying out all requirements and then penalties will be incurred.

Staging date

Based on the employer’s payroll size as at 1 April 2012 and can be found at www.thepensionsregulator.gov.uk/employers using your PAYE reference. The Qualifying Workplace Pension Scheme must be registered with The Pensions Regulator within 4 months of the staging date.

Compliance and communication

Postponement

Auto-Enrolment can be postponed for up to 3 months:

  • For current eligible employees
  • For workers that meet the criteria in the future for the first time e.g. avoid joining temporary or lower paid workers

Opt-Outs

All eligible employees must be auto-enrolled, but can, with the correct notification, opt-out within one month of joining the scheme and be treated as never having joined. They can opt back in and will automatically be auto-enrolled every 3 years in any case!

Communication

There is a wide range of information that must be provided to all employees at certain times, such as:

  • The date auto-enrolment took place for eligible jobholders
  • That non-eligible jobholders have the statutory right to opt in
  • Entitled workers have the right to request the employer to enrol them into a pension scheme

Salary sacrifice

Contributions can be paid by effectively reducing salary, which saves on NI contributions, but employee must choose to do this – they cannot be forced, so a contractual variation will need to be implemented.

Default investment fund

Investment Options

All eligible employees will be automatically invested into a default investment fund, which is a balanced risk fund that is “life styled” to account for the employees approach to retirement. They also have the option to invest in a wide range of funds of their choosing.