Does anyone know of a belts & braces course on this in the near future? I need to start advising my clients on this issue. All my employers are small so don't need to enrol just yet but I need to start the ball rolling.
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Just had a meeting with St James Place this morning and this very subject was discussed. Mine are the same, they gave a very useful booklet - not sure if it is something you can get on there website
Auto-Enrolment seminars
Don't know your locations, but the HBP Group are holding some seminars based geared to making sure businesses are ready for the Auto Enrolment process.
The seminars are being held in Peterborough on the 10th February and 27th February, in Barnsley on the 12th March and in Hull and Scunthorpe on the 19th March.
You can find more details on their Facebook events page
TPR
The Pensions Regulator has run numerous webinars which I've found very informative. Recorded webinars can be viewed from links on this page http://www.thepensionsregulator.gov.uk/press/events.aspx
There have also been a handful of live events, but I can't find anything currently scheduled.
NEST has also been proactive, running an excellent seminar last November and ongoing webinars including ones aimed at accountants and payroll providers. http://www.nestpensions.org.uk/schemeweb/NestWeb/public/aboutUs/contents...
Pensions Auto Enrolment
There is absolutely lots of information on both the NEST and Pension Regulator websites, too much in fact. You will find a lot of the information is repeated in the various web pages and pdf downloads.
I have taken the time to read through it all and found this more useful than attending the Pensions Regulator seminar I went on in autumn 2012. I have now written my own to do list/flow chart which I will be helping SME businesses with and have developed three levels of support to include information provision, assessement, advice, staff communication, consultation support etc.
There is going to be a huge demand from the SME market in the next few years and not many advisors around who can help.
The Pension Regulator website
has lots of information as previous contributors have noted, including a handy planning tool that will take you through step by step and give you deadlines for each stage.
What payroll software ...
... do you use, all the decent providers are doing regional courses on this.
Further to above ...
... received detals of IRIS courses today, if you pm an e-mail address I will send a more legible copy
Pity ...
... their's is the best software out there, imvho :o)
They won't do a hard sell on you either, they don't have time as there is too much to cover.
But, if you look (may help changing thezoom level on your screen), many of the courses are webinars!
We have just held two seminars on Auto Enrolment in the North East in association with NEST. I would definitely start with them, they also hold Webinars which may give you some unseful information
Moneysoft and AE
I don't expect Moneysoft to provide AE training, anymore than I expect them to provide training on statutory sick pay etc.
As per SJBeale, I have trawled TPR and pension provider sites to understand the requirements and process. The software specifics will follow later.
There is a threat/opportunity here for payroll providers and accountants to educate ourselves as part of normal Continuing Professional Development and be well-placed to advise our clients.
Seminars
Generally speaking the seminars merely skim the surface of the pensions legislation, highlighting the basics.
I would recommend reading the full guidance from The Pensions Regulator. From there, you'll probably have more questions than answers, however pension providers offer Technical Assistance where you can call or email them to ask questions.
There is a lot of detail required to understand before you could advise a corporate client.
NEST and The Pension Regulator do have seminars, however they're basic and NEST isn't always the answer. They won't assess employees, they won't issue out communications (there is a vast amount of coms required), you can only pay in £4,500, if you die the funds are paid to your estate etc etc
Don't jus look at the legislation, look at all the solutions available.
It's less about pensions, and more about compliance.
The problem with AE ....
... it is so much more than payroll and there are many areas that it could be dangerous for an accountant to venture in!
I agree
with Old Greying Accountant.
I'm a qualified financial adviser, who has staged clients since February last year. Every single one was a learning process. The technical requirements and understanding required are demanding.
On the surface it appears it's about pensions. But the pension is secondary, important, but secondary. It's about complying with the full legislation and integrating the requirements into their processes, which may be required for decades.
Who are workers? Have the contracts of employment been checked? What contribution set are they using, or is it Qualifying earnings? If the contribution levels are different from the contracts of employment are they doing a 90 day consolation? What is their pay reference period, do the they have more than one staging date? Do different groups of workers have different pay reference periods? All the coms, changing their new employee processes, Leaver process, opt in's, opt outs, changes to probationary periods, payroll processes, IT understanding the software requirements, a provider who can do everything, accept them and not charge etc etc etc
Every area needs understood fully.
The more I see ...
... the more I KNOW this has been done backwards!
The sensible solution would be that all employees are opted in, those under the LEL do not need to make contributions (but employer should). This could be worked via NI table letters.
Contributions paid through payroll and collected with PAYE and paid to NEST.
Employees then have the option to either opt out, or to instruct NEST to divert contributions to their own fund.
If they opt out employer will be notified by RTI.
Simples, easy and so no chance of being considered by the Government!
The most ludicrous part of this is that the most vulnerable, those on low paid jobs, or on just a few hours a week do not get employer contributions, yet they need it most. Many will be under LEL because they are bringing up families or caring for dependant relations, a a vast saving to the public purse, yet they get no help withtheir own future and themselves need looking after.
Absolutely!
Everyone in and if you want out fill out this form. They have that now, it's called a 30 day cancellation notice.
The use of Qualifying Earnings as a minimum is short sighted as well. The client only needs to contribute above the LEL. What about those with earnings below the LEL but opt in... a different certification basis! More complexity.
To do this kind of change, with the level of technicality required and coincide it with RDR is madness. At a time where businesses are struggling, they throw pension contributions and advice costs into the equation.
Free help!
We are a payroll bureau and are very active on Pension Auto Enrolment, as we have a number of clients that have staging dates next month. If you have any questions about auto enrolment then please feel free to contact me and I can arrange our Auto Enrolment expert to call you and answer any of your questions. Please feel free to contact me on 01942 850297.
Allan Pearson