Thanks Duggimon - do you think this makes a material difference to clients choosing a pension provider that charges vs. one that doesn't?
Aviva takes from the contribution fileWith Aviva you set up the dd details and then the monies are taken based on the file you upload each month. So not all providers operate in this manner.
Don't forget your time when you are asked to ...Rectify the late compliance. I would make it crystal clear that when this time arises they will also have your enhanced bill to pay for too. Unless of course you're willing to do it for free which I wouldn't advocate.
What about Aviva?Be good to find out thoughts on Aviva's system too if any from the community.
Aviva all online
You could use Aviva with clients: http://www.aviva.co.uk/business/pensions/advisers/
All online provided the client has an email address, the client just has to accept using a link on an email.
Thanks bbethj and quick follow up question
This is what helps to build up the picture and certainly good practice from you trying to keep clients aligned to the new regulation. This isn't happening everywhere, are you offering a full end to end service without help from financial advisers?
Postponement is a good point Euan, however . . .
From a number of those involved in the industry missing your staging date and not postponing causes issues.
1. Some auto-enrolment service providers will charge fees two to three times the amount they would usually charge
2. Employers will have to backdate payments to employees to original staging date
3. Some providers will not accept those that have missed
4. It gives a false view of the numbers staging at the right time for capacity planning purposes
It's really more a point of getting a view from firms of the potential shift in market volumes away from the predicted TPR staging date volumes. I only think local accountancy practices and payroll bureaus can give a more accurate view of this.
AvivaInstant setup: http://www.aviva.co.uk/business/pensions/advisers/
Allow some choiceI see a lot of accountancy firms and the main consideration for those running payroll is how well the software works. It's far more efficient to be spending 10mins uploading files over an hour trying to sort out errors. From here it then makes sense to have a panel of say two or three providers you work well with, let's say NEST and a traditional provider such as Aviva - cheap vs. Premium. You do need to be clear other providers are available to ensure you follow TPR guidance and also have an audit trail to show it was the employers decision. Happy to talk more if you want to inbox me.
Aviva working towards this tooJust to add we are working with payroll software companies too.
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