1. Workplace Pensions: Your Employer Duties

2. Agenda  Who are WPP Bureau?  Pensions: How much do you think your employees know?  Auto Enrolment: Why is it happening?  As an employer, what do I have to do?  Quick facts and figures  When is it happening?  Your options / how we can help… Agenda:

3. Who are WPP Bureau?  Our head office is based in Derby City Centre  A vast amount of experience in the Financial Services Industry – specialising in Pensions  WPP Bureau is designed to cater for the small to medium sized businesses in the UK – large companies have the support, SME’s are being neglected.

4. Pensions: How much do you think your employees know? Your employees will be asking you for answers…

5. Auto Enrolment: Why is it happening?  People are living longer  Not enough people are saving  State Pensions are unaffordable

6. Source: Office for National Statistics, Pension Trends Chapter 2, 16 February 2012. Life expectancy in retirement:

7. Source: NAPF – www.napf.co.uk/PolicyandResearch/Research.aspx/ 11.7m 49% *Includes trust based and group personal/stakeholder Who already has a pension scheme?

8. Source: Office for National Statistics, Pension Trends Chapter 5, 27 October 2011. How much will it cost the Government to keep supplying the state pension?

9. What is Automatic Enrolment?

10. Employer Quick Facts:  Nottingham Trent University Study : Employer awareness of Auto- Enrolment Survey– Only 12% were prepared. *  Your staging date for your work place pension is when your scheme should be set up – not started!  If you already have a pension scheme for your employees, you will need to make sure this aligns with new pension legislation.  Unfortunately Auto Enrolment is not a choice – it is a requirement! Every employer’s work place pension scheme will be set up by February 2018! Source:http://www.nottingham.ac.uk/uniei/news/uk-smes-and-business-advisers-on-pension-auto-enrolment-for-staff.aspx (Surveyed November 2013).http://www.nottingham.ac.uk/uniei/news/uk-smes-and-business-advisers-on-pension-auto-enrolment-for-staff.aspx

11. When is it happening?  Auto Enrolment is happening right now the biggest employers have had to enrol employees into a pension scheme from July 2012.  Every employer has a staging date.  The Pensions Regulator has advised each employer prepare ideally 18 months* before their staging date. * Source: http://www.thepensionsregulator.gov.uk/docs/ecr-employer-tracker-research-autumn-2012.pdf

12. Employers required to register by staging date 49 or less people in PAYE scheme (lower estimate) Source: The Pensions Regulator, “Automatic enrolment: Staging profile and forecast volumes”, September 2012 <30 140,000

13. Employer help? Source: www.professionalpensions.com, “NEST warns small employers will not be ‘hand held’”, 30 October 2012 "Our research shows that…employers with as few as one hundred staff - are expecting help from NEST and other providers…the fact is we won't be able to and neither will any other provider.” Roy Porter, NEST assistant director, distribution

14. As an Employer, what do I have to do? Employers must:  Have a pension scheme  Auto enrol employees into an automatic enrolment scheme  Pay contributions

15. What else do I have to do?  Assess your job holders’ status  Assess their earnings (Over 22 -> retirement age – earning over £10,000)  Employers must provide: Enrolment Information and / or terms and conditions of jobholder.  Choose the most suitable pension scheme for your employees  Administration a continuing process – Including new employees, removing old employees etc.

16. Admin costs: Employers MUSTEmployers MUST NOT Auto enrol and re-enrol/deduct payments Register/re-register their scheme Provide information to eligible and non- eligible jobholders Provide information to scheme/provider Process opt outs/make refunds Keep records Offer advice Discourage membership Give jobholders the opt-out form Encourage opt-outs Use ‘Prohibited recruitment conduct’ Sources: Pensions Act 2008, The Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 2010.

17. Or else... Sources: Pensions Act 2008, Chapter 2, The Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 2010. Compliance / Unpaid contribution notice Fixed penalty - £400 Persistent offenders Escalating DAILY penalty WorkersPenalty per day 1-4£50 5-49£500 50-249£2,500 250-499£5,000 500+£10,000 ‘Wake up call’Warning Or else…

18. Doing nothing is not an option... “A person guilty of an offence under this section is liable - a)on conviction on indictment, to imprisonment for a term not exceeding two years, or to a fine, or both; b)on summary conviction to a fine not exceeding the statutory maximum.” The Pensions Act 2008, Section 45(2) Source: Pensions Act 2008, Office Of Public Sector Information – www.opsi.gov.uk.

19. Business Planning

20. Your options / how we can help: For small businesses the NEST route may be your only option.  NEST is a Government backed basic package that meets your employer duties.  Suitable for minimum wage earners.  Accepts all types of employees (Temp Staff / Contract workers etc).  We can assess if a Group Personal Pension Scheme or NEST is most suitable for you.  There are advantages and disadvantages to both schemes – let us tailor it to your business! N ational E mployment S avings T rust

21. Your options: Employers:  Set up your schemes in advance – talk to us today to avoid leaving it too late and facing fines.  We understand that you need to run your business so let us help you take care of your pension duties.  We can set up a workplace pension scheme and provide ongoing guidance throughout your employer duties.

22. In summary:  Employer duties  Impact on your business – cost and admin planning  The good news – we can help!

23. Website: www.wppb.co.uk Email: info@wppb.co.uk Tel: 0333 321 46 40 Find us on Facebook