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Key protection against the risk of financial consequences to your business
The Financial Conduct Authority does not regulate on Auto Enrolment.
Specialists in corporate pensions and the Auto Enrolment process - The Auto-Enrolment Challenge.
The value of pensions and the income they produce can fall as well as rise, you may get back less than you invested.
AUTO ENROLMENT PENSION PLANNING
Hopefully by now you would have heard about auto enrolment. This will affect about 1.2 million businesses and 11 million workers. Every employer will be notified by The Pension Regulator the date from when they must have a suitable pension scheme in place and automatically enroll eligible workers into it, known as the ‘staging date’. Failure to do so could lead to fines from the regulator.
Although Auto enrolment is about pensions, in our opinion the real challenge is more about administration and process and ensuring the strict rules and guidelines laid down by The Pension Regulator are adhered to. The Regulator recommends starting 12 months before your ‘staging date’, although with forward planning this can be considerably less.
There are a significant number of tasks which will require thought; planning, process, administration, communication and delegation. As with any new project your business needs to consider the most appropriate use of staff and other resources to undertake what is proving to be in some cases a complicated and time consuming assignment. The challenge is for your Business to consider whether they will undertake the project in-house or outsource.
The FCA do not regulate auto enrolment.
SO HOW CAN TORBAY FINANCIAL SERVICE SHELP?
Torbay Financial Services’ Employee Benefits division was specifically formed to offer businesses employing less than 1000 staff the opportunity to outsource the management of the auto enrolment process and implementation of a company pension scheme.
We are financial advisors and provide a cost effective, proactive, hands-on and bespoke service which can be designed specifically to deliver exactly what your business needs by way of advice, management, administration and servicing. We pride ourselves on personal service and delivering what we promise.
Although our service has many features, too many to mention here, we have highlighted the main areas where we can provide support to you;
PROJECT PLAN MANAGEMENT
From our experience with Auto Enrolment a project plan is without doubt essential. We will develop and manage the project plan and work closely with you and your other outside agencies, such as payroll providers. We will ensure the plan is managed from beginning to end and delivers the final outcome on time and within an agreed budget.
PENSION PROVIDER SELECTION
If you are not a financial services business you will be unlikely to have the skills, knowledge or facility to undertake the due diligence work required to choose the most suitable pension provider, or to undertake an assessment of any existing arrangement you might have in place. As we have been providing pension advice for many years we are well placed to help.
PENSION FUND ADVICE
Choosing the appropriate investment fund is crucial to ensure members are receiving considered and appropriate advice. Most employers will not understand the complexity of the investment offering or the communication process to staff and will chose to outsource to a regulated firm like ours.
Communication is the key to smooth auto enrolment implementation. We will prepare the communication strategy and help deliver staff communication in the form of letters, emails and even live presentations.
The business needs to decide who is eligible for auto enrolment and what action need to be taken for non-eligible staff too. We will recommend the best way to undertake this task and advise on software if required.
PAYROLL AND AUTO ENROLMENT MAPPING
Your payroll system is crucial in ensuring that the correct data is used for the auto enrolment process and the transfer of data between payroll and the auto enrolment software needs to be accurate, streamlines and simple to administer and we will deliver the planning and process required.
PENSION SCHEME IMPLEMENTATION
The final stage of the auto enrolment project is the implementation and final launch to staff. This must be undertaken at your specific dates and will incorporate final assessment and staff communication. We will manage and administer the implementation process at staging date and ensure project deliver and compliance.
Getting the implementation finalised is of course vital, but servicing the account over the coming years is just as important, legislation requires that all businesses report to the Pension Regulator, we will therefore incorporate compliance audit, pension provider and investment fund review, new joiner and leaver administration and audit and include a help line and member surgery as required.
We hope you choose Torbay Financial Services as your outsourced provider for this project and we look forward to speaking to you soon.