Presentation is loading. Please wait.

Presentation is loading. Please wait.

Auto Enrolment Time is running out!. Pensions The next 5 years In the UK, there are 16 million employees who will be exposed to changes in pensions legislation.

Similar presentations


Presentation on theme: "Auto Enrolment Time is running out!. Pensions The next 5 years In the UK, there are 16 million employees who will be exposed to changes in pensions legislation."— Presentation transcript:

1 Auto Enrolment Time is running out!

2 Pensions The next 5 years In the UK, there are 16 million employees who will be exposed to changes in pensions legislation during the next 5 years. There are over 8 million of these employees that will automatically be enrolled into a qualifying workplace pension scheme over the next fours to five years. In 2014 alone, 1.1 million employers will face additional legislative responsibilities and the requirement to choose an Auto Enrolment Workplace Pension Scheme. Are you ready for Auto Enrolment?

3 Pensions The next 5 years Are you aware of the legislative responsibilities? BlueSkys Auto Enrolment and Data Package Do you have a Qualifying AE Pension Scheme to join? BlueSky Pension Scheme When do you need to commence pension contributions?

4 From October 2012, any employer with employees being paid by PAYE has been required, by Government legislation, to nominate a qualifying workplace pension scheme and auto-enrol certain categories of its employees. The table below details the date at which an employer needs to commence pension contributions but may be subject to further change by the DWP. Employer size (by PAYE scheme size) or other description From (inc.) To (inc.) 120,000 to 800 employees1st October 20121st October to 2501st November 20131st February to 50 1st April st April 2015 Test tranche for less than 30 1st June th June to 301st August st October 2015 Less than 301st January st April 2017 Employers without PAYE schemes 1st April 2017 New employers 1st May 2017 Staging Dates

5 Are you aware of the legislative responsibilities? Before staging date 6 months before - Posters informing employees that auto-enrolment is approaching Register a point of contact with the Pensions Regulator 4 months before - Register chosen pension scheme with the Pensions Regulator Provide data covering employer, scheme used, postponement and number of workers Workers already in a scheme must be provided with information about the scheme All data must be kept for at least 6 years Legislation

6 Are you aware of the legislative responsibilities? From Staging date Eligible Jobholders aged 22 – SPA must be automatically enrolled must be written to with information about the chosen pension scheme must have the option of opting out* Non Eligible Jobholders and Entitled Workers must be provided with information about the chosen pension scheme must be provided with information on how to opt in or join a scheme and opt out* Contribute Staging Date to October % of total pay (employer must pay 1%) October 2017 to September % of total pay (employer must pay 2%) October 2018 onwards- 7% of total pay (employer must pay 3%)** Monitor Each pay period, employees need to be assessed for enrolment *Opt out employees will need to be re-enrolled every 3 years * *These examples are based on total pay. There are alternative definitions of pay which may result in higher rates of contributions to be paid. Legislation

7 BlueSkys Auto Enrolment and Data Package BlueSkys Auto Enrolment Data and Communication Package Fully compliant with all legislation Forms part of BlueSkys one system for all administration system Online creation and submission tool Member opt in or opt out facility Real Time Information (RTI) reporting Pre and post Payroll reporting Full Communication package covering all legislative requirements No set up fee Annual fee with 10% employee number fluctuation included AE Legislation Solution

8 Do you have a Qualifying AE Pension Scheme to join? An Auto Enrolment Qualifying Workplace Pension Scheme Must not have any barriers to entry Must not require members to sign any paperwork to be automatically enrolled Must have an online process for opting-in and opting-out Must state that contributions to the scheme will reach minimum requirements by 2018 or Be accompanied by a statement from the employer Chose a Pension Scheme

9 BlueSky Pension Scheme BlueSky Pensions manages the BlueSky Pension Scheme – a Multi Employer MasterTrust Meets all legislative requirements with regard to Auto Enrolment Non profit – run for members Is trust based with an elected Trustee Board overseeing the Scheme Has advanced investment options incorporating Target Date Funds – a fund for life Has an online Real Time Information Member Access Portal (BlueSky MAP) Has an Employer Sign Up Now tool (BlueSky SUN) Has low administration charges – 0.3% for 2013 Has been operational since 1988 Has over 240 employers already participating Is administered in the UK by pensions professionals Has a fund value in excess of £250m Web based access for members, employers and advisors Your chosen arrangement

10 BlueSky The complete pension solution For members For employers


Download ppt "Auto Enrolment Time is running out!. Pensions The next 5 years In the UK, there are 16 million employees who will be exposed to changes in pensions legislation."

Similar presentations


Ads by Google