01283 761866

Automatic Enrolment Workplace Pensions

Radical pension reforms affecting all employers were introduced in 2012. Employers will be forced to enrol all eligible employees, not already in a suitable pension scheme, into a qualifying workplace scheme. This could be NEST – National Employment Savings Trust – a new national pension scheme, or a suitable alternative company scheme. The reforms also require the employer to make a contribution to the chosen employee workplace pension scheme.  What will you need to do? 
  
  set up and register a pension scheme suitable for automatic enrolment 
  automatically enrol certain workers (known as eligible jobholders) into that pension scheme 
  arrange membership of a pension scheme for certain other workers 
  make contributions for eligible jobholders and certain other workers 
  manage the automatic enrolment, joining and opt out processes 
  provide specific information to workers, pension scheme providers and The Pensions Regulator (tPR) 
  keep records of how you have fulfilled and continue to fulfil your duties. 
 

When?

Largest employers will have to comply first, and this roll-out started in October 2012.  The date you will have to be ready is determined by the number of employees in your largest PAYE scheme on 1 April 2012 and your PAYE reference number.  This is known as your staging date.  To find out your staging date please complete the contact form or visit tPRs website.
  
We recommend you start planning for the changes at least 18 months before your staging date if you have complex payroll, or existing pension schemes, and 12 months before your staging date if you are a micro or small employer.

How?

Jay Financial can offer a number of solutions to help you.  Step by Step Auto Enrolment Ltd is a company established by the owners of Jay Financial to provide low cost, "just tell me how to do it" training packages for employers.  Visit our Toolkit for the full list of services

Pension Consultancy Services (advised service provided by Jay Financial)

✔ Project Management
✔ Review your existing pension scheme, independent scheme research, design and set up
✔ Staff communications, presentations and pension clinics
✔ Process design and implementation
✔ Ongoing advice, financial education in the workplace
✔ Fixed monthly fee with no set up costs if you engage 12 months before staging

For further details of any of our solutions please telephone 01283 761866 or complete the contact form.

Regulatory Statements

Jay Financial is authorised and regulated by the Financial Conduct Authority

FCA Firm Number: 450655

Telephone : 01283 761866

Partners (advising) : Jacqueline Fancourt

Partners (non-advising) : William Fancourt

The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted to customers in the UK.

To visit the FCA consumer website - The Money Advice Service - please click here

To verify our status with the FCA, click here and key in our FCA number: 450655