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THE NEW PENSION REGIME "AUTO ENROLMENT" AND OUR IMPLEMENTATION PLANS

Just a brief update to outline our plans for the new pension regime - auto enrolment.

At present we are working with our 4 largest clients to help them with their auto enrolment implementation and last month held a seminar with Sage to review the administration side of the new regime. It was certainly an eye opener!

Businesses should be under no illusions the changes are significant. For more information see our previous detailed articles here.

The good news is that whilst our largest clients will be starting the new regime between April 2014 and July 2014 the rest of our clients will not be starting until August 2015 at the earliest, with the majority of our clients set to start in 2016, 2017 or even 2018.

The first notification you will get will be a letter 18 months before your proposed staging date (the implementation date for auto-enrolment).

The key things to note are:

  1. Please don’t panic. If you have not yet received a letter from the Pension Regulator that is because your staging date is still a way off. If you would like to know your exact staging date please contact us.
  2. We will be contacting all clients who have employees other than directors and their partners to detail the key changes that will be taking place and to discuss their options and how we can help. For those clients who may be interested in the effective early implementation of auto enrolment through a private company pension scheme we will be holding seminars from June 2014 onwards or will hold one to one meetings to review and implement plans now.
  3. If clients decide not to take any action now or have no employees other than the director and their partners we will commence a rolling system from May 2014 where we will be writing to all clients 19 months before their staging dates outlining certain options.
  4. From June 2014 we will be holding on a quarterly basis a series of seminars outlining the auto-enrolment system, your options and how we can help you to  comply with the new changes.

As stated earlier auto-enrolment is a big change. Clients with employees will see their wage bill increase and will have a significant additional administration burden to deal with. We will however work with all our clients to help them through the changes. If you have any queries please contact either Mark Friend or Andrew Grant