Auto Enrolment and Consulting

Auto Enrolment is a UK government initiative to help more people save for later life through a Workplace Pension Scheme.

Employers must provide a Qualifying Workplace Pension Scheme (QWPS) at their staging date and employees must be Auto Enrolled into the QWPS subject to meeting eligibility criteria. Minimum contribution rates apply.

Auto Enrolment can be complex and Employers must take the time to consider and understand:

  • the financial impact of increased pension costs
  • whether changes must be made to existing schemes or if a new one is required
  • new payroll and pension administration procedures that comply with Auto Enrolment legislation.

Goddard Perry provide a complete Auto Enrolment Service to ensure you comply with legislation and avoid potential fines imposed by the Pension Regulator. Our Auto Enrolment service includes:

Planning & Consulting

  • Initial meeting to understand your business and create a project plan to manage your Auto Enrolment preparation.
  • Analysis of existing arrangements, and if required a full market review to source and recommend a compliant scheme.
  • Consultation and advice on the key points to consider, your scheme design and identification of any other relevant issues.
  • Implementation and Employee Communications
  • Full assistance with the implementation of your QWPS.
  • Provision of an employee communication strategy to ensure the legislative requirements in respect of statutory communications are met.
  • Assistance with additional employee communications outside the legislative requirements.
  • Assistance with your first assessment and submission of your Declaration of Compliance.
  • Ongoing Workplace Pension Services
  • Pension Adviser onsite presentations or webinars to promote employee engagement on various pension issues.
  • One to one meetings with employees.
  • Employee support via email or telephone.
  • Ongoing employer support ensuring continued compliance of Auto Enrolment legislation.
  • Processing of ongoing monthly assessments;
  • Assistance with the triennial re-enrolment process.

Secondary Auto Enrolment

A number of employers are now reviewing whether to move their QWPS away from the initial provider used for Auto Enrolment.

There was an expectation that as pension contributions increased some pension schemes would move between providers as higher contributions resulted in improved terms, however it appears this is happening earlier than expected.

The main reasons for this are as follows:

  • Employers having bad experiences with their initial providers;
  • Employers, having rushed initial decisions to meet deadlines now taking the opportunity to review the scheme at their triennial review;
  • Due to pension freedoms being introduced in 2015 employers are increasingly changing their attitude to workplace savings. Consideration is now being given to whether their workplace scheme facilitates the retirement options now available.

Goddard Perry provide a complete Secondary Auto Enrolment Service. We listen to your previous experiences, your requirements and objectives. We then use this information to review the market and source a suitable alternative scheme that is both compliant and meets your expectations.

Our Secondary Auto Enrolment service includes the following:

Planning & Consulting

  • Initial meeting to understand your requirements and reasons for moving the scheme;
  • Analysis of existing arrangement;
  • Full market review to source and recommend a suitable and compliant alternative scheme.
  • Implementation and Employee Communications
  • Full support with the implementation of your new QWPS;
  • Assistance with the transfer of Auto Enrolment information;
  • Assistance with Employee communications.

Ongoing Workplace Pension Services

  • Pension Adviser onsite presentations or webinars to promote the new workplace pension scheme;
  • One to one meetings with employees;
  • Employee support via email or telephone;
  • Ongoing employer support ensuring continued compliance of Auto Enrolment legislation;
  • Processing of ongoing monthly assessments.

If you require more information or assistance regarding your Auto Enrolment requirements, please email us.

Legislative & Regulatory Updates

Goddard Perry Consulting

THROUGH PREPARATION COMES STRENGTH

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