Automatic Enrolment Natasha Duncan and Kieron Brace

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Presentation transcript:

Automatic Enrolment Natasha Duncan and Kieron Brace Moore Stephens Financial Services 10th November 2016

Established 28 years ago Independent Chartered Financial Planners Provide a range of solutions to Corporate and Private Clients Manage over £300million for our Clients

Why is it happening? On average, men will live to 83 and women will live to 85 years old1 Fact Fact 50% of people in the UK are saving into a workplace pension2 Fact For 2016/17 the weekly basic State pension £155.65 1ONS: Interim Life Tables 2008 – 2010. Based on life expectancy at 65 for the UK. 2 2013 Annual Survey of Hours and Earnings: Summary of Pension Results, Office for National Statistics, March 2014.

“We’re all in”

Introduced by the Government Will help more people save for their future Everyone will have access to a pension

What do you need to do? Know your staging date Register with the Pensions Regulator Choose a Pension Scheme Assess and enrol your employees Make contributions Ongoing reporting

How much will be paid in? Employer Employee - April 2018 1% April 2018 – April 2019 2% 3% April 2019 - 5%

Choices Do nothing Opt Out Pay in More

Example 1 Annual Salary £35,824 – 1% Employer, 1% Employee Qualifying Salary £30,000 Qualifying Monthly Salary £2,500 Employer £25 Employee £20 Tax Relief £ 5 Total £50

Example 2 Annual Salary £35,824 – 3% Employer, 5% Employee Qualifying Salary £30,000 Qualifying Monthly Salary £2,500 Employer £ 75 Employee £100 Tax Relief £ 25 Total £200

How can Moore Stephens help? Free initial consultation Find out your staging date Recommend and implement a suitable pension scheme Communicate with your employees Provide ongoing reviews

Any Questions?

Information Packs About Moore Stephens Financial Services Response Sheet Letters of Authority

This presentation is based on our understanding of current tax and pension legislation which may change in the future. Past performance is not a guide to future performance and the value of funds can fall as well as rise. Moore Stephens Financial Services (East Midlands) Limited is authorised and regulated by the Financial Conduct Authority.