Peoples Pension Auto Enrolment News

Peoples Pension Auto Enrolment News

From:  Lisa Kennery

The People’s Pension is launching a new full support automatic enrolment pension solution for small businesses on 23 November. The solution has been developed based on extensive research with small businesses and their business advisers and financial advisers.

What they’re offering

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Patrick Heath-Lay, Chief Executive Officer at B&CE, provider of The People’s Pension, said:

“We’ll be charging a one off set up charge only, and will not be charging employers for ongoing support.

The People’s Pension launches the ‘complete package’ for small employers

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November 5, 2015 News

The People’s Pension has announced today that it will go live with an enhanced service and support package for new and existing customers on Monday 23 November.

  • Option to ‘Simply comply’ with a fast track route to legal compliance
  • Or to ‘Simply tailor’, putting employers and advisers in control for a bespoke experience
  • Enhanced payroll support and extended opening hours with dedicated employer and adviser teams
  • We’ll even tell the regulator employers have complied

It will offer all new employers joining the scheme the complete package to meet their auto-enrolment (AE) needs – and has been specifically designed to support small employers as they start to stage from January 2016.

New employers will be able to choose between two routes. The first, ‘Simply comply’, will guide them through a fast track process designed to help them comply as quickly and easily as possible. The second, ‘Simply tailor’, offers employers a more bespoke experience to cater for the individual needs of their workforce.

Both routes will offer a number of different payroll options, both manual and automatic. There’ll be a range of online tools and assessment options available – and The People’s Pension will even tell The Pensions Regulator that an employer has complied. Customer service hours are set to be extended too, to 8am-10pm from January 2016, to provide an extra helping hand at sign up.

The enhancements to the scheme’s award winning service and support follow extensive research with small employers and their advisers on what they need from a workplace pension provider. They also build on not-for-profit provider B&CE’s experience of providing pensions to small construction employers for more than three decades.

Patrick Heath-Lay, Chief Executive Officer at B&CE, provider of The People’s Pension, said:

“Workplace pensions can be alien to people outside the pensions industry. Our research and 30 years of experience working with small employers tells us that they want simple solutions and a great deal of support in meeting their auto-enrolment duties. Our doors will remain open to everyone who wants to come to us, regardless of their size and their sector.

“That’s why we’ve developed a simple, hassle free and high support solution for busy people who just want to run their business, not get bogged down in pensions. Simplicity is the key. We’re here to help small employers navigate the auto-enrolment galaxy.”

Employers with a staging date of January 2016 onwards who sign up with The People’s Pension from Monday 23 November will pay a one off set up charge of £500 + VAT for all the support they’ll need for the life of the scheme. Employers with a 2015 staging date who sign up from Friday 1 January onwards will also be charged.

There will be no ongoing charges for employers, and the low annual management charge of 0.5% for members will remain. Employers signing up through an intermediary will pay a reduced charge of £300 + VAT.

Heath-Lay continued:

“We’ll be charging a one off set up charge only, and will not be charging employers for ongoing support.

“Our focus is on putting savers first. We don’t believe in frontloading member charges to cover the cost of supporting employers.

“That’s why we are introducing this charge. We want to make sure that we can keep delivering award-winning customer service and support to new and existing customers, and keep our member charges low.

“We know that small employers feel daunted by auto-enrolment. For the one off set up charge, we will make complying with the law easy, straight-forward, and stress free for small employers.”

-ENDS-

Now: Pensions to add charge

Now: Pensions to add employer auto-enrol charge

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Automatic enrolment provider Now: Pensions is to introduce an employer charge of up to £40 a month for those employers who register with them on or after 1 October 2015 and who have staging dates from 2016 onwards.

Lisa Kennery, our Payroll Manager says, “ACT NOW; Small employers with 2016 staging dates and beyond who have not yet enrolled in a pension scheme, really need to contact us to hear these details.

A possible £40 per month is a considerable sum for small employers to find. If applicants register with NOW: Pensions before 1 October even though their staging date is not until 2016 or beyond, they will avoid the charges described below.

The choice of low cost pension providers may be severely restricted in the near future. Small employers who wish to minimise costs really need to get in touch with us this week.”

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Concerns have been growing that firms yet to auto-enrol will have to turn to NEST (The National Employment Savings Trust) as other providers struggle to make money out of the smaller firms.

Now: Pensions director of policy Adrian Boulding said in an earlier statement that; “The firm will use research to improve services for small employers – such as giving each employer a dedicated member of support staff”

Boulding says: “We are going to charge employers. We’ve made a decision we want to remain open to all employers of all size and provide them with the help they tell us they need to help them manage auto-enrolment.

“But to do that we are going to levy a charge for new employers that join us from 2016. We don’t know what the charge will be yet, because we haven’t asked employers what services they want yet. But we are making a commitment today that it will be no more than £40 a month.”

“We think it’s something that a small business – if they value the services – will be happy to pay. If we get the consultation right we will be delivering the services people have told us they need and would value.”

Boulding adds: “The majority of small employers do not have an adviser, many will use an accountant. They are expecting their pensions provider to help them with the day-to-day nitty gritty of things like filling out forms.

“We are trying to find out exactly what help small employers need – is it a call centre, or a named individual in a call centre or the ability to share computer schemes?”

An announcement was made by NOW: Pensions on 17 September 2015 that the launch of this charge will not apply to any firm that already has an accepted contract with NOW: Pensions even if they are staging in 2016 or beyond.

To handle the growing demand, NOW: Pensions has increased its contact centre capacity significantly and in November is opening a second office in Nottingham with the creation of 250 new jobs over the next two years. Many of these jobs will be in front line client support.

NOW: Pensions recognises the needs of smaller employers are fundamentally different to 54,000 employers that have already staged.

They state in their release of Thursday 17 September: When it comes to selecting a provider for auto enrolment, one in four (26%) employers intend to seek help from their accountant, one in six (16%) are relying on their existing scheme provider and one in ten (12%) plan to search the market and do the research themselves. Just one in 20 (6%) of small and micro firms intends to seek help from an independent financial adviser.

 

Congratulations to Lisa Kennery

Congratulations to Lisa Kennery

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Ever mindful of legislation and most recently the imperative of Auto Enrolment, we are proud to announce that Lisa Kennery, who is our Payroll Manager has now gained:

CIPP – Certificate in Pensions Administration

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Given the recent legislative changes impacting on pensions, including automatic enrolment, there is more of a requirement than ever for businesses to ensure that their employees are equipped with the necessary pensions knowledge and practical skills to ensure that this crucial process is carried out accurately and efficiently.

Errors in pensions administration can be extremely costly, with fines for non-compliance in relation to automatic enrolment being as much as £10,000 a day! By providing payroll and pension staff with the relevant training, businesses can ultimately save themselves a lot of money.

The Certificate in Pensions Administration has been developed with pension practitioners to ensure that it meets the needs of the industry. It provides a clear opportunity for students to develop and demonstrate their knowledge, understanding and application of job roles in the pension industry.

This certificate is aimed at both the public and the private sector and is an excellent qualification for payroll professionals who are responsible for administration relating to automatic enrolment.

Well done Lisa!

Please click through to reach our Auto Enrolment micro site

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Boys Testimonial

Boys Testimonial

Thank you to John Lee, Finance Director of Boys, for his kind testimonial.

From: Lisa Kennery and the Auto Enrolment Team

Boys only Happy

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Auto-Enrolment, the topic  that frightened many employers, do we understand it, can we comply, how do we administer and are we heading for a fine by the Pensions Regulator.

Once we knew our staging date, the work began to ensure that we would comply with the legislation and obtained an Auto-Enrolment Strategy Report.

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We immediately involved the services of Lisa Kennery Pierce’s auto-enrolment expert who set us on the right path, giving us excellent advice on every issue.

We postponed our date by 12 weeks and I am pleased to say all our worst fears did not come to pass.

We have now completed our first six weeks trouble free and the help and advice from Pierce Accountants has been invaluable, especially in respect of uploading all the information to our pension provider.   I can highly recommend their services.
Kind regards

John Lee

Finance Director
From the Boys

Boys only Happy

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Todd Carr Road Waterfoot Rossendale Lancashire BB4 9SJ
01706 211 368
01706 211 452
01706 831 818
info@beboys.co.uk
www.beboys.co.uk

Walker Farrimond Testimonal

Walker Farrimond Testimonial

Congratulations to Walker Farrimond on becoming the National Excellence Champion – Dealer of the Year and many thanks for their kind words in their testimonial below. From: Lisa Kennery and her team

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I would like to express how happy I am with the level of professionalism of Lisa Kennery and her team with the work carried out on auto-enrolment pensions.

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I was very concerned about the extra time and administration that auto-enrolment required but by opting to take the premium level of service provided by Pierce this headache has been removed.

It is a pleasure to be associated with Pierce and we have been a client for over 17 years.

Ian Farrington

(Company Secretary of Walker Farrimond Ltd).
Walker Farrimond Citroen, NelsonCitroen

National Excellence Champion 2014

We recently attended Citroen’s National Excellence Awards 2014 and we were honoured to be awarded National Excellence Champion 2014.

This award is presented by Citroen UK to the dealer rated by their customers for providing consistently high levels of service in all areas.

We would like to thank all of our customers for your positive feedback which is invaluable in helping us be the best we can.

This award motivates us to continually improve our high standards and we hope you can be a part of our journey in 2015.

Follow Us:

Walker Farrimond on Facebook

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Auto Enrolment – The Big Quiz

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by: Lisa Kennery

The payroll department here at Pierce is equipped to help and advise you, contact us and we’ll guide you through the process.

Meanwhile:

How much do you know about auto enrolment?

Hit the button and try our quiz:

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As larger employers should now be compliant with auto enrolment legislation, the focus is now on SME`s so let’s talk about what auto enrolment means to you and your business.

UK employers are now required to automatically enrol their workers into a workplace pension if they meet certain criteria. Every employer must comply by law, failure to do so could result in penalties. These penalties are shown below:

No of employees Daily fine (£)
1-4 50
5-49 500
50-249 2,500
250-499 5,000
500 + 10,000

Each employer will be provided with a staging date by the pension’s regulator. The staging date will determine when the process should begin for each business. This date can be deferred by using postponement for a maximum of three months, however within this time employees may wish to join the pension scheme so employers must have a scheme in place by their staging date.  This date is always the 1st of the month. It can be brought forward.

To find out your staging date please follow this link:

http://www.thepensionsregulator.gov.uk/employers/tools/staging-date.aspx
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The key requirements for Auto Enrolment

  • Setting up a qualifying pension scheme with the contribution level that suits your business
  • Assessing your workforce
  • Automatically enrolling eligible jobholders
  • Communicating with your employees
  • Calculating and deducting pension contributions for both employees and employers
  • Managing opt ins, opt outs and ongoing assessments of your workforce
  • Communicating information to your pension provider
  • Record keeping for six years
  • Declaration of compliance

For more detailed information on the key requirements please visit our microsite

autoenrolment

http://auto-enrolment.pierce.co.uk/

Start Early

The time frame recommended to implement auto enrolment is twelve months although this may vary depending on your individual circumstances.
The Bottleneck

Pension minister Steve Webb has already warned small businesses to start preparing early to avoid the impending capacity crunch.  The number of employers staging in a month is to increase dramatically. For example early 2014 approximately 3000 employers staged in a month by February 2016 this will increase to 30,000 per month and by December 2017 134,000.

Involve all parties

From our experience so far the key to successfully implementing auto enrolment is to plan and involve all third parties at the start of the project.  It is surprising the variance in questions from a financial advisor to a payroll professional.

Link to your payroll

For payroll it is vital to know the scheme can accept files on the frequency the payroll is currently run on and receive answers to other questions such as, is the business calculating on whole periods or part periods and is the pay reference period defined on tax periods or pay periods. All of which have an impact on how and when the pension calculations are taken.

Can your current payroll software cope with assessing your employees, or will you require middleware software. this may result in having to run the payroll twice which could be a critical point if the turnaround time for your payroll is tight e.g. you pay weekly.

Let us help you

For further guidance whether or not we already process your payroll please contact Lisa Kennery who will answer any questions you may have and will help you through the process.

 

 

 

iPad mini prize draw – just complete the survey

iPad mini prize draw – just complete the survey

http://www.smartsurvey.co.uk/s/102874FZMQR

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On behalf of

Taylor Patterson Financial Planning Ltd | Lanson House | Winckley Gardens | Mount Street | Preston | PR1 8RY | Tel: 01772 555073 | Fax: 01772 203688 | Web: www.taypat.co.uk

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Taylor Patterson is keen to understand how Auto Enrolment will affect businesses and are you truly ready, willing and waiting? To help gauge the regional impact we are asking people to take part in a brief survey by clicking here.

All survey respondents will have the opportunity to be entered into a free prize draw for an iPad Mini, to be drawn on 24th March 2014.

For each survey completed Taylor Patterson will also donate £1 to local charity

East Lancs Hospice.
For your chance to win an iPad Mini and help raise money for charity please complete our short Auto Enrolment survey Auto Enrolment survey