Auto enrolment workplace pensions

[diesel10]

Hi

 

I know some people having to talking about the date their setting needs to enrol but have anyone looked at what they are going to enrol in yet.

 

I spoke to one financial advisor who thought the the government NEST would be best for us as we are small (8 employees). It looks pretty easy to do. Has anyone had any other advice.

[flowlow]

do settings have to enrol in pensions now then?

[diesel10]

No I think it's staggered by your pay roll reference. Our date is October 2016. But we have been told that it takes a year to sort out and I want to know who much it will cost us as pay rises may be affected by it.

[lynned55]

I'm only going to go with the government one. It will be me that has to do it all and I'm not prepared to start searching out pension providers.

[Smiles]

Do all settings however small now have to do this ?

[tish501]

Think so,but hope not....only 6 employees...

[Inge]

Work place pensions interactive tool for any who need it..

 

You must enrol all workers who:

• are aged between 22 and the State Pension age
• earn at least £10,000 a year
• work in the UK

and I believe all have to have the facility in place... not like the previous try where it was easy to opt out or not do anything about it because we were too small or wages too low.. that said I wonder how many will actually earn over the £10,000 a year.. most with part time term time only staff may not reach that ..

[kristina]

I've also been looking into this and will probably go with the government one. Our date is April'17, we have 7 staff but only 1 earns the £10,000 + salary.

 

Kris

[diesel10]

I went to a meeting last night where settings have a staging date of this year and haven't sorted anything yet. So maybe not that urgent!

[Mouseketeer]

If you earn over 10k can you still opt out or has that changed, what I really want to know is ....at the end of the day will those of us in it receive more pension than those not or will we just have suplimented what we would ( might) of received anyway, just wondering as some of my staff choose not to work enough hours/ earn enough to meet the 10k threshold ....guess I need to research this as well as the pupil premium info......happy holidays

[diesel10]

I think that the auto enrolment will be like a work place pension and in addition to the state pension. But maybe wrong.

[eyfs1966]

I think that the auto enrolment will be like a work place pension and in addition to the state pension. But maybe wrong.

....Is the CORRECT answer

[Inge]

yes it is not linked to state pension.. it is a work place pension that all employers must now provide...

[Mouseketeer]

I'm only going to go with the government one. It will be me that has to do it all and I'm not prepared to start searching out pension providers.

 

Can I ask if you have now set this up ? Like you say 'it will be me that has to do it', even though I'm not the employer, so it's now time to get head out of sand and sort it :-(

 

How many managers of committee run settings have now had this thrust upon them on top of everything else ?

 

Thanks

Edited September 20, 2016 by Mouseketeer

[Rea]

Our payroll company has suggested Enrolex. No idea if its as good choice but Ii wouldn't have any idea about anyonebelseveither, so that's whonits going to be!

[Cait]

As new Chair I've suddenly had this thrust on me and our staging date is 1st Oct! Previous chair hadn't done anything because staff had said they weren't interested in joining. One now is, and nothing is in place so I'm a bit headless chicken here! I've been on the workplace pensions website and done all that, now I need to actually DO something! Aaargh!

[Mouseketeer]

OMG ! Cait...that's terrible , and I was panicking about Feb, can you delay it, I've read something about that but not sure what the criteria was.

 

I did look at the NEST site today and printed out the form to check off, I did go on training for it ...about 12 months ago :-/

[Rea]

All I know, according to the ermail sent from our payrol, is the threat of £400 a day fine if it isn't set up!!

[SueJ]

I have gone with NEST - beware of some pension schemes that charge you a monthly admin fee just to be registered with them even if no one actually takes up or qualifies for a pension contribution!

[Mouseketeer]

Was it easy enough to set up SueJ ?

[finleysmaid]

we've gone with NEST because it ties in with HMRC wage calculations...appears to have been quite easy (admin has done it!!) registered ...were sent info...signed paperwork...used HMRC to calculate!

[Mouseketeer]

Thanks FM, I will find another hat tomorrow and make registering my mission :-/ I'm b****y sure we aren't paid enough for all this responsibility :-(

[SueJ]

Hi Mouse

 

Easy so far - I just have to put in my bank details - I was thinking of changing bank account over the summer so didn't finish all the stages. It is just another thing on my TD list.

 

There is also a downloadable Employer Notices template document which is useful when it comes to notifying staff too. Word format. Again I have only glanced at it at this stage but it is a permanent open item on my laptop just waiting for my undivided attention!

[Mouseketeer]

Thank you Sue, we use devon psla payroll and I believe they will send out the necessary letters to the staff that need them as part of their inclusive package.

 

Undivided attention is hard to find isn't it :-/

Edited September 20, 2016 by Mouseketeer

[Mouseketeer]

https://www.nestpensions.org.uk/schemeweb/NestWeb/faces/secure/USER_REG/pages/signupAsEmployer.xhtml

 

Is this what I do first ? and did you put home address or work place address ?

[lsp]

We went with NEST. Lucky for me our volunteer Treasurer set it all up. Think our due date was July.

[lynned55]

^{Hi Mousie,}

^{I've been using this since Feb of htis year and its been really easy to do. I went with them as they were goverment one and proably th elast likely to run off with money/go bust}

 

That link you have put up is correct, I have used my work address as I figured when (and i will do within next few years) I retire I dont want all the stuff coming to me still. I'm sure I registered with the Pensions Regulator first and they sent me regular reminders of what to do and when to do it.

Even if you have staff that dont want to do it, they still have to be registered if they qualify and then 'opt out' themselves.

[Mouseketeer]

Hi Lynned, I think I must have already registered with the pensions regulator as I have been getting letters from them, the last one in July telling me it's time to do something about it....so I best had :-/

 

Thank you all :-)

[Mouseketeer]

sorry me again....how soon did you receive the email they say you will get after completing the form (from link above) ? I've waited an hour, checked junk and nothing, though it kind of implied it would be immediate.....maybe I'm just being impatient, hate it when you finally get motivated to do something that's been forwarded from one TDL to the next for weeks and weeks and weeks ....

[Rea]

I jut looked at enrolling with the Pension Regulator but it wants the Ref from the letter they sent. As far as I'm aware we've never had a letter, has everyone else had one?

I'm guessing everything might have gone to our payroll company.