Call us on: 01353 662 442 or email info@camouse.co.uk
By now you will have heard about the new Workplace Pension requirements that will affect 1-2 million businesses and around 11 million employees. All employers will be required to set up, register and contribute to a suitable pension scheme by their Staging Date
The biggest challenge for many businesses will be what is involved in ensuring the strict rules and guidelines set out by the Pensions Regulator are adhered to.
Whether your business has an existing pension scheme in place or not, our advisors are able to assist in the process of establishing an eligible scheme.
What levels of contributions will the company and employees have to pay and can the cost be minimised via Salary Sacrifice?
Recommendations can be made for a default investment fund which is then monitored on a regular basis and reviewed when appropriate.
A group employee meeting is arranged to outline the key features of Auto Enrolment followed by a facility for individual advice for each scheme member where appropriate.
Monitor and review the default investment fund
Ongoing compliance and communication
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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.
Pension arrangements must be available for all employees. There are three categories of employee:
Aged between 22 and State Pension Age (SPA) with qualifying earnings over the Auto Enrolment earnings trigger
|
Qualifying Earnings lower threshold |
£5,772 |
|
Qualifying Earnings upper threshold |
£41,865 |
|
Automatic Enrolment earnings trigger |
£10,000 |
|
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%) |
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.
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.
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.
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.
Auto-Enrolment can be postponed for up to 3 months:
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!
There is a wide range of information that must be provided to all employees at certain times, such as:
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.
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.