Auto Enrolment – are you clear on your obligations?


One of the biggest changes in pension funding has been introduced by the Government.


This is called Auto Enrolment and started in October 2012. Every employer will have to offer access to a pension arrangement to every employee aged between 22 and State Pension Age and earning over the ‘earnings trigger’ (£192 if employees are paid weekly, £833 if employees are paid monthly and £10,000 if employees are paid annually for 2017/18).*


As an employer, you will ultimately be required to contribute a minimum of 3% of qualifying earnings (between £5,876 and £45,000) and your workers will have to contribute 5%, making a total of 8%. These amounts are being phased in over a six and a half year period which started in October 2012.


It is important to understand your obligations and duties as an employer to avoid being fi ned or charged penalties.


If you have an existing pension scheme it may be that this can be used to meet your obligations. If it doesn’t or you do not have a scheme, then you will need to decide how best to meet the Auto Enrolment requirements.


You need to understand what a Qualifying Scheme (QS) is, what the Auto Enrolment process will be, how it will work, what duties you must comply with to support the new QS and, perhaps most importantly, when you need to comply with the new rules.


Preparation and planning is key for all businesses in order for them to understand and determine the impact it will have on them. If you have yet to consider how this will affect you, we are offering a convenient opportunity for you to fi nd out more.


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• There is a staged approach with only the largest employers starting from October 2012. You can discover when your company will have to comply with the new rules by visiting www.thepensionsregulator.gov.uk/employers/ tools/staging-date.aspx


In light of our recent successful seminars, we have decided to extend our invitation to a wider audience. If you are a Business Owner or Company Director and would be interested in a one to two hour seminar at your place of work, please do contact me on the details below. This no obligation seminar would be at my business expense and at no cost to you.


Please visit my website or contact me to receive a complimentary guide covering Wealth Management, Retirement Planning or Inheritance Tax Planning.


Scott Symes


APFS DipPFS DipFA CeMap Chartered Financial Planner


01202 951227 07885 899742


scott.symes@sjpp.co.uk www.scottsymeswm.co.uk


* The value of a pension will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.


The Partner represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website at www.sjp.co.uk/products. The ‘St. James’s Place Partnership’ and the title ‘Partner’ are marketing terms used to describe St. James’s Place representatives.


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