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What you need to know to choose an
Auto-Enrolment Workplace Pension Scheme
Automatic Enrolment affects all employers at different staging dates:
*source The Pensions Regulator
Are you ready?
1,334,900 employers staging between now and 31 March 2018
Choosing an Auto-Enrolment Workplace Pension Scheme
As an employer you will want to make sure you are doing the best for your employees now and in the future
As an adviser you will want to make sure you are doing the best for your clients
We know that you will think carefully about which scheme you will choose to use for automatic enrolment
The focus for employers and their advisers is to work with a quality provider who can help guide them through this brave new world
The Pensions Regulator have suggested 7 key questionsyou need to ask when choosing a provider…
Is this a quality scheme
How simple is the scheme to use
What are your investment options
Who is managing the investments
Are you getting value for money
Who is your pension provider
Who is providing compliant communications
Transparency & Good Governance
It is important that any scheme you look at
can answer these 7 questions
is fully transparent and up front with this information
can give you assurance that they adhere to the good governance guidelines set by the DWP and TPR
TRUST|Pensions provides a detailed report “How to Choose a Quality Scheme” addressing each of these points which can be found on the home page of our website www.trustpensions.org.uk
Watch out for scams !!!
Always ask for the scheme’s HMRC Pension Scheme Tax Reference number
Or check with The Pensions Regulator to make sure it is a legitimate scheme
Auto-Enrolment….Let’s get started!
Whether you are an employer setting up a scheme directly, or an adviser assisting a client through the process, preparing for auto-enrolment follows the same steps
Here is our 10 step process, based on the guidelines provide by The Pensions Regulator to help you get it done…
10 steps to auto-enrolment
1. Check your Staging Date
2. Nominate a Point of Contact with TPR
3. Create an Action Plan
4. Review existing scheme if any
5. Understand the Payroll Costs
6. Assessment & Communications Compliance
7. Join the scheme using an Express form
8. Register a declaration of compliance with TPR
9. Test assessment, test contributions
10. Ongoing governance
How TRUST|Pensions can help you with this
TRUST|Pensions provides an easy to use solution that will take away the burden of auto-enrolment
Core pension service is free to employer
Optional assisted sign-up and full compliance management a one-off £750 + VAT
Optional ongoing assessment & communication compliance package for £12 p.a. per employee
Annual charge to members 0.75%
If you don’t set up a scheme by your staging date…
The Pensions Regulator has the power to issue steep fines of:
An initial £400
Followed by a daily fine of £50 for micros (1-4 staff) and £500 for SME’s (5-49 staff) for every day that you are non compliant
Ongoing ‘wilful’ refusal to co-operate goes on to become a Criminal Offence
Three essential things to remember
Get your staging date checked using your payroll number
Get your employees to provide you with their home email addresses so the scheme is personal to them in case they leave your business
Keep records of all assessment & communications, contributions data, and any other decisions you have made, including: why you chose a particular scheme; why you decided to use a particular earnings criteria; why you made a judgement call on whether someone you employed qualified as a worker; any decisions made as a duty of care to your workers.
Encourage Employees to save…
Regulatory environment for Advisers
Multi-employer schemes (master trusts) are closely regulated by The Pensions Regulator
Referral to a master trust is not a FCA regulated activity hence can be done by a business adviser, e.g. accountant as well as financial adviser
Individual advice to members (e.g. risk profiling assistance with investment options and/or transfer out to SIPP arrangement) is FCA regulated and requires adviser to have client agreement with an individual member
Default investment manager Alliance Bernstein
Circle of
TRUST
Professional TrusteeBridge Trustees Ltd, 100% owned by Eversheds LLP
Accountanthaysmacintyre
Bankers HSBCInvestment platformAXA Wealth Corporate Trustee Investment Plan
Self select options Architas, LGIM & HSBC
Defaqto 5 Star Rating
Pensions Playpen
Strawberry PensionsFairstone Pensions
Lighthouse Pensions
Strategic Partners
Group life coverCanada Life’s Simply CLASS service
AXA Self Investor Stocks & Shares ISA
Master Trust Corporate Pensions Trust
GROW YOUR BUSINESS
* Canada Life pre-launch focus group on 28/04/15
2minutes
4quotes
7clicks
1.8 million sub-50 SMEs must act
now on auto-enrolment
Canada Life Group Insurance has partnered
with TRUST | Pensions to offer a simple
Group Life Assurance solution for your clients.
80%of SMEs surveyed said they
would buy Group Life Assurance
with Canada Life*• Earn up to 30% commission each year
• It’s easy – get a quote in 2 minutes
• No medical underwriting
• Written under Master Trust
Simply Class – Your solution to a quick sale
Elliot Silk, Head of Employee Benefits
for Sanlam UK says
“Simply Class uses Automatic
Enrolment employer data – no
need to request any additional
information at quote stage.”
We are here to help
Griselda Williams
Head of Business Development
TRUST|Pensions
Tel 0117 322 6565
www.trustpensions.org.uk
TRUST|Pensions is part of the Corporate Pensions Trust a multi-employer defined contribution only master trust, HMRC Pension Scheme Tax Reference 00805962RF
Corporate Pensions UK is a privately owned specialist pensions provider and is the main employer of the scheme. For more information see www.corporatepensions.org.uk
