Transcript Document

Welcome
David Golder
Client Proposition Director
Auto Enrolment Workshop
Housekeeping
•IFS & CII accredited events
•Sign register
•Workbooks – question answers will be emailed
•CPD Certificate issued afternoon
•Feedback
•Questions – fill out form and we will direct to
the panel in Q&A session
Auto Enrolment: Opportunity or car crash??
Simply Enrol
Auto Enrolment = the biggest advice opportunity in a generation!
• From 1st April 2014 employers with 250 employees or less will Stage
• 38,000 Stage in 2014 alone
• 1.4m Employers are yet to stage = 8.8m Employees!
• Employer compliance is compulsory
• AE project solution and project work is not FCA regulated
• 61% of global Internet users research products online. (Interconnected
World: Shopping and Personal Finance, 2012)
• By 2020, consumers will manage 85% of their relationships without
talking to a human. (Source: Gartner Research)
• Future proof your client database!
Auto Enrolment represents a one-time opportunity to establish an
internet footprint in the workplace!
Put your business at the heart
of the workplace....
ABC Employer
Mortgage
Pension
PAYROLL
Savings
XYZ IFA
Employee
Comms.hub
Other benefits
With established marketing permissions........
Protection
Simply Enrol
SimplyEnrol brings together the best!
• Staffcare – The best and most innovative business in it’s field
• Carey, Creative and Jargonfree – the perfect support cast to
ensure robust end-to-end solutions
SimplyEnrol + Staffcare + Our three partners
= Robust, compliant and profitable solutions
Why Middleware is better than
Muddleware
Steve Bee
Jargon Free Benefits
The Capacity Crunch
Christine Hallett
Carey Pensions UK
Capacity Crunch
Key learning points for this session:
• Understand the size of the Auto Enrolment marketplace
• Obtain management information about the size
• Obtain facts and figures
• Understand the issues facing all players
• Understand what capacity means in relation to AutoEnrolment
• Realise the impact capacity will have on employers and
employees
The here and now
100,000
Companies
With a pension
No pension
1,200,000
The here and now
• Low employer participation rates
• Low employee participation rates
• Need for engagement with pension saving / planning
• Employee / Employer mistrust of pension funds
• Money locked away until aged 55
• Need for understanding of investment options & choices
• Need for advice and guidance
• Prevent inertia
The size of the opportunity
2014
The start of the pension tsunami
38,000 employers
4.9 million employees
The issues the Pensions Industry will face
• Ticking time bomb
• Employers
• Employees
• Lack of Capacity
• Advisers
• Providers
The size of the opportunity in 2014
In the post code area of BL alone
Employers staging between February and July - 468
Employers staging between August and December – 556
Post codes L,M,BD,CH,SK,PR,WN,WA – stage between Feb & July
3991 stage
between August & December 6,109
What this means to......
Advisers:
Employers:
Employees:
Great Opportunities
Business Impact
Personal Impact
• Increase
• Costs
• Awareness
Earnings
Recurring income
Clients
Profile
Professional Connections
Resource
Administration
Legal
Business Distraction
Fines
Retirement planning
Employer benefit
Individual cost
Peace of mind
Take control don’t lose
control
Establish a benefit culture
Protecting their future
Provide advice
Access to advice
Access to advice
Either take control or lose control
Planning is key
-
Fail to plan, plan to fail
• Proposition
• Identifying your target market
• Communication and marketing strategy
• Look after existing clients first - or someone else will
Employers need you NOW
• Make it simple
• Make it clear
• 3 month minimum implementation window
Capacity Crunch
Key learning points from this session:
• Understand the size of the Auto Enrolment marketplace
• Obtain management information about the size
• Obtain facts and figures
• Understand the issues facing all players
• Understand what capacity means in relation to Auto
Enrolment
• Realise the impact capacity will have on employers and
employees
Coffee Time
Auto Enrolment Project
The Practicalities & Adviser
Proposition
David White
Creative Auto Enrolment
Auto Enrolment Project The Practicalities
Key learning points for this session:
• To understand some of the tasks an employer must
undertake in order to comply with the Auto Enrolment
regulations.
• To understand the options an employer has to meet their
new responsibilities.
• To identify the areas where an employer is likely to need
support and where this support can come from.
COST OF AE TO UK BUSINESS –
DAILY TELEGRAPH
What is Auto Enrolment? –
An employers perspective
New legislation - employers must:
• Enrol eligible employees into a pension scheme
THERE IS NO ‘DO NOTHING’ OPTION –
without theALL
need
for application
or information
EMPLOYERS
MUST COMPLY
&
• Contribute
(unless the employee opts out)
Auto Enrolment –
an employers perspective
3 CHOICES
1: Do nothing
2: D.I.Y.
3: Get Help – FROM THE RIGHT PEOPLE !!
Do Nothing - PENALTIES
Failure to comply:£400 immediate fine and
daily fines can apply on top:
Number of Employees
Daily Rate (£)
1–4
50
5 – 49
500
50 – 249
2,500
250 - 499
5,000
500+
10,000
Do it yourself – TPR guidance
DO IT YOURSELF - TPR GUIDANCE
And that excludes... updates,
policy and strategy papers and
the multitude of document templates!
20 Pages
26 Pages
25 Pages
26 Pages
15 Pages
19 Pages
35 Pages
21 Pages
24 Pages
18 Pages
14 Pages
11 Pages
254 Pages
Get Help – an employers perspective
• Do we work with different partners or is there an “end to
end” solution?
• We want Support throughout the process
• We have concerns about on going compliance
• Who is best placed to help us ?
Pensions Auto Enrolment
• A Real Challenge (a huge burden for business)
• Companies will look to their IFA for support/guidance
• It’s complicated and getting it wrong is unfortunately not
an option
• We need to help our clients or they could go elsewhere
• What makes up a proposition ?
PENSIONS AUTO ENROLMENT
What are the Key Phases ?
Auto Enrolment
Five main phases
1. Assess workforce 33
2. Communicate with employees
NEW
3. Data management (paying contributions and
MANDATORY
answering employee
questions)
4. Choose a pension
scheme (and default fund)
PENSION
5. Record Keeping
& ongoing compliance
RESPONSIBILITIES
Simply Enrol powered by Creative Auto Enrolment
PHASE 1 –Assessing Workers
Workers
All those who work in the UK under a contract of employment, i.e.
employees,
or those who have a contract to perform work personally and are not
undertaking the work as part of their own business.
Jobholders
Eligible
jobholders
Aged 22 – SPA
Earn above £9,440
MUST BE
AUTO
ENROLLED WITH
EMPLOYER
CONTRIBUTION
Non-eligible
jobholders
E
E
16-21 or SPA-74
Earn above £9,440
OR
Aged 16-74
Earning above £5,668
but below £9,440
RIGHT TO OPT IN
WITH EMPLOYER
CONTRIBUTION
Entitled
Workers
Aged16-74
Earn below £5,668
RIGHT TO JOIN
PHASE 2 - Communication
Produce and send appropriate communications
Must be direct (e.g. letter, e-mail, payslip, web-portal)
At staging, need to communicate to all workers, even
scheme members
Deadlines for communication:
2 months after Staging for existing scheme members; or
1 month after Staging for workers who are not already in a qualifying
pension scheme.
Ongoing when workers change categories
PHASE 2 - Communication
• Employer MUST inform staff of right to Opt Out
and how to opt – out
• Employer MUST NOT send Opt – Out notices:
• Watch out for coercion rules!
• Re-enrol every 3 years (employees can opt out
again!)
• Non – Eligible jobholders can opt in at any time
• Entitled workers can request to join a scheme
REGISTER WITHIN 4 MONTHS WITH THE PENSIONS REGULATOR
PHASE 3 – Data Management
• Payroll integration with “Assessment System”
• Deduct/collect pension contributions
• Payroll integration with Pension Provider
PHASE 3 – Data Management and
answering employee questions
• Employees will typically call the Employer
• Decide process for response
• Guidance only – care required
• Formulate audit trail of discussions
PHASE 4 – Choose a scheme
• What is the contribution basis to be used ?
• Existing arrangement (is it suitable ?)
• Will existing provider offer terms ?
• New “qualifying” scheme required ?
• NEST
• Other “Master Trusts” ?
• A combination ?
• Select a default investment option – Are Employers comfortable taking
investment decisions on behalf of their employees?
PHASE 4 - Choosing a scheme and the
financial implications
• Qualifying Earnings
Any earnings between £5,668 to £41,450 for 2013/14
Period
Employer
Employee
Tax relief
Total
Up to 30/09/17
1%
0.8%
0.2%
2%
01/10/17 to
30/09/18
2%
2.4%
0.6%
5%
01/10/18
onwards
3%
4%
1%
8%
Alternative earnings/contributions are available but will be more expensive.
PHASE 5 – Record Keeping
• Employers must keep records.
• Can use electronic or paper filing systems to keep or
store any records
• Most records must be kept for six years.
• The records must be provided to The Pensions
Regulator, if requested.
• The Pensions Regulator can conduct an audit if they
have reasonable grounds to do so (e.g. if there is a
Whistleblower).
PHASES 1-5 and ongoing compliance
Information – pre-assessment
Information – postponement notification
Information – post assessment
Information – answers to requests/questions
Information – Ad hoc
Documentation
Requests for information
Company
Opt-in requests
Opt-out requests
Ad-hoc requests
Data changes
Other items
HR
Payroll
Provider(s)
•
•
•
•
•
Nest
Insurance Company
Third Party Administrator
Master Trust
Other
Workers
PHASES 1-5 and ongoing compliance
Scheme set-up
Scheme changes
New joiners
leavers
Data changes
Information/Data/ad-hoc requests
Contribution Schedules
Company
Scheme documents
Member policy documents
Confirmation of data changes
Information/Data/Ad-hoc requests
Contribution receipt
Other items
HR
Payroll
Provider(s)
•
•
•
•
•
Nest
Insurance Company
Third Party Administrator
Master Trust
Other
PHASES 1-5 and ongoing compliance
Scheme registration
Re-registration
Ad-hoc information
Audit information
Scheme changes
Registration confirmation
Re-registration confirmation
Company
Ad-hoc information
Regulation changes
Confirmation of changes acknowledged
Other items
HR
Payroll
PENSIONS AUTO
ENROLMENT
The Key Phases and who can
do what ?
PHASE 1 –Assessing workers
Workers
All those who work in the UK under a contract of employment, i.e. employees,
or those who have a contract to perform work personally and are not undertaking the
work as part of their own business.
Jobholders
Eligible
jobholders
Non-eligible
jobholders
E
16-21 or SPA-74
Entitled
workers
Earn above £9,440
OR
Aged 16-74
Earning above £5,668
but below £9,440
Aged16-74
Earn below £5,668
EMPLOYER / OUTSOURCE
Aged 22 – SPA
Earn above £9,440
MUST BE
AUTO
ENROLLED WITH
EMPLOYER
CONTRIBUTION
E
RIGHT TO OPT IN
WITH EMPLOYER
CONTRIBUTION
RIGHT TO JOIN
PHASE 2 - Communication
• Produce and send appropriate communications
• Must be direct (e.g. letter, e-mail, payslip, web-portal)
• At staging, need to communicate to all workers, even
scheme members
• Deadlines for communication:
EMPLOYER / OUTSOURCE
• 2 months after Staging for existing scheme members; or
• 1 month after Staging for workers who are not already in a qualifying
pension scheme.
• Ongoing when workers change categories
PHASE 3 – Data management
•Payroll integration with “Assessment
System”
EMPLOYER / OUTSOURCE
•Payroll integration with Pension Provider
•Deduct/collect pension contributions
PHASE 4 – The scheme
• Review existing arrangements
• Establish new “qualifying” scheme
• Select a default investment option
THE ADVISER
• Group Presentations
• Member Clinics
• Transfers
• On going Employer/Employee support
PHASE 5 – Record keeping
• Employers must keep records.
• Can use electronic or paper filing systems to keep or
store any records
• Most records
must be kept
for six years.
EMPLOYER
/ OUTSOURCE
• The records must be provided to The Pensions
Regulator, if requested.
• The Pensions Regulator can conduct an audit if they
have reasonable grounds to do so (e.g. if there is a
Whistleblower).
The Interacting Parties
Web layer
The interacting
parties
Data
Helplines &
Payroll Support
Data
Data
Payroll
Provider(s)
Communication
•
•
•
•
•
Nest
Insurance Company
Third Party Administrator
Master Trust
Other
view
Instruction
view
Company
HR
Data
Data
view
view
Data
Workers
The Capacity Crunch
14,000
12,000
Employers Required to Register
10,000
Existing Market Average
8,000
6,000
4,000
2,000
0
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
The Capacity Crunch
The Whole Crunch
150,000
125,000
100,000
75,000
50,000
25,000
0
Auto Enrolment Project The Practicalities
Key learning points from this session:
• To understand some of the tasks an employer must
undertake in order to comply with the Auto Enrolment
regulations.
• To understand the options an employer has to meet their
new responsibilities.
• To identify the areas where an employer is likely to need
support and where this support can come from.
Simple solution to a huge opportunity
Pension
Provider
Payroll
Provider
“I don’t need you because.....”
• “My accountant will sort this out”
• “My workers won’t be interested in a pension scheme”
• “I can leave it until later, I have other priorities”
• “How difficult can it be to put in a pension scheme”
• “My HR manager will do all the AE communications”
• “The rules will change in future”
• “I pay my staff weekly”
• “My payroll provider will fix it”
• “My staff are all zero hour contracts/ contract workers/seasonal”
• “I already have a pension scheme”
LUNCH
Simply Enrol
David Golder
Client Proposition Director
Simply Enrol – What you told us
Survey of members Nov/Dec 2013
• 93% of respondents want to engage in AE with our help
• 78% had not decided on a solution partner
• 84% wanted a complete end-to-end solution
• 68% wanted an agnostic solution in respect of pension provider
• 76% wanted a modular approach
Launching now allows you to bring robust, durable and
market-leading propositions to employers and their other professional advisers
SimplyBiz acquires Staffcare
Staffcare
Creating an Auto Enrolment proposition
and choosing a partner
What should I consider:
• Capacity of administration and advice resource
• What should I keep in-house and what should we outsource?
• Define target business types and use local knowledge to identify prospects
• Clearly articulate your AE proposition
• Develop a clear marketing strategy
• Will you cultivate other professionals as introducers?
• Articulate your proposition for professional introducers
• Develop marketing approach
Making Auto-enrolment profitable
Employer costs
• Cost of establishment £3000 - £5950
• Ongoing £3.50 to £4 pm per worker
Introduction fees
• £1500 every employer scheme
• £1.50per month for every employee
Simply Enrol
The solution Partners
David White
Creative Auto Enrolment
Simply Enrol powered by Creative Auto Enrolment
Simply Enrol powered by Creative Auto Enrolment
Key learning points from this session:
• To understand the overall Creative Auto Enrolment
Proposition
• To understand how employers can defray some of their
costs
• To understand how the support available from Creative
Auto Enrolment can help advisers and their clients meet
their Auto Enrolment responsibilities
PENSIONS AUTO ENROLMENT
THE CREATIVE AUTO ENROLMENT
SOLUTION & WORKING TOGETHER
WITH ADVISERS
Simply Enrol powered by Creative Auto Enrolment
Creative Auto Enrolment
Creative Auto Enrolment is part of the Creative Benefits group,
an established intermediary offering a range of corporate and
personal services.
• Creative Auto Enrolment is not a regulated business.
A TRUE END TO END SOLUTION
• Provision of unique Auto Enrolment solutions.
• Non Compete Agreement with IFAs.
• Working together to help your clients comply
Simply Enrol powered by Creative Auto Enrolment
Auto Enrolment
Five main phases
1. Assess workforce 33
2. Communicate with employees
NEW
3. Data management (paying contributions and
MANDATORY
answering employee
questions)
4. Choose a pension
scheme (and default fund)
PENSION
5. Record Keeping
& ongoing compliance
RESPONSIBILITIES
Simply Enrol powered by Creative Auto Enrolment
Outsourced solution
Web layer
Workers
Communication
Company
Instruction
Data
Payroll
Helplines &
Payroll Support
Data
Data
HR
Provider(s)
•
•
•
•
•
Nest
Insurance Company
Third Party Administrator
Master Trust
Other
Simply Enrol powered by Creative Auto Enrolment
view
view
Data
Data
view
view
Data
66
Our services
• FULL compliance with all the legislation
• A leading pension scheme with highly competitive charges where required
• Consultancy/Strategy service
• Implementation Service
All the practical-level actions needed including administrator training
• Creative Benefits Auto Enrolment Administration System – CREATE
Straight through processing for full Auto Enrolment compliance
• Employee Guidance
•
Telephone Helpline
• Ongoing Management Service
•
Services to ensure that your clients remain compliant
Simply Enrol powered by Creative Auto Enrolment
PHASE 1–Assessing workers
Workers
All those who work in the UK under a contract of employment, i.e. employees,
or those who have a contract to perform work personally and are not undertaking the
work as part of their own business.
Jobholders
Eligible
jobholders
Aged 22 – SPA
Earn above £9,440
MUST BE
AUTO
ENROLLED WITH
EMPLOYER
CONTRIBUTION
Non-eligible
jobholders
E
16-21 or SPA-74
E
Earn above £9,440
OR
Aged 16-74
Earning above £5,668
but below £9,440
RIGHT TO OPT IN
WITH EMPLOYER
CONTRIBUTION
Simply Enrol powered by Creative Auto Enrolment
Entitled
Workers
Aged16-74
Earn below £5,668
RIGHT TO JOIN
PHASE 2 - Communication
• Produce and send appropriate communications
• Must be direct (e.g. letter, e-mail, payslip, web-portal)
• At staging, need to communicate to all workers, even
scheme members
• Deadlines for communication:
• 2 months after Staging for existing scheme members; or
• 1 month after Staging for workers who are not already in a
qualifying pension scheme.
• Ongoing when workers change categories
Simply Enrol powered by Creative Auto Enrolment
PHASE 3 – Data management
•Payroll integration with “Assessment System”
•Deduct/collect pension contributions
•Payroll integration with Pension Provider
Simply Enrol powered by Creative Auto Enrolment
PHASE 3 – Data management
•Implementation Consultant
•A real person – not “The Cloud”
•Client training at set up & ongoing
•Dedicated Employer Helpline
Simply Enrol powered by Creative Auto Enrolment
Discipline 3 – Data management and answering
employee questions
• Employees will have queries
Client HR?
• Decide process for response
• Formulate audit trail of discussions
• Who will employees call?
Creative Auto
Enrolment Helpline
OUR EXPERIENCE – OPT OUT CALLS
MAKE UP 90% OF ALL CALLS
Simply Enrol powered by Creative Auto Enrolment
Helpline statistics
Simply Enrol powered by Creative Auto Enrolment
Simply Enrol powered by Creative Auto Enrolment
PHASE 4 – CHOOSING A SCHEME,
ADDING VALUE AND WORKING TOGETHER
• Review existing arrangements and terms from current providers
• Determine the contribution basis to be used
• Establish new “qualifying” scheme(s) if required
• Select a default investment option
• Group Presentations
• Member Clinics
• Transfers
• Ongoing Employer / Employee support
Simply Enrol powered by Creative Auto Enrolment
PHASE 4 – Choosing a scheme and
financial implications
• Qualifying Earnings
Any earnings between £5,668 to £41,450 for 2013/14
Period
Employer
Employee
Tax relief
Total
Up to 30/09/17
1%
0.8%
0.2%
2%
01/10/17 to
30/09/18
2%
2.4%
0.6%
5%
01/10/18
onwards
3%
4%
1%
8%
Alternative earnings/contributions are available but will be more expensive.
Simply Enrol powered by Creative Auto Enrolment
PHASE 4 – Cost defrayal and automatic
salary exchange
• Pay reduction by employee
• Pay reduction invested as a pension contribution
• Immediate employee tax relief at basic and higher rates
• Automatic reduction in NICs for Company and Employee
• Company NIC savings can be:
Retained by the company (e.g. to offset fees)
Invested wholly or partially as extra pension contributions for
employees
NIC = National Insurance Contributions
Simply Enrol powered by Creative Auto Enrolment
Salary exchange example
Monthly Salary - £1,000
Employee Contribution – 1%
Traditional Method
Employer deducts from Sally’s net pay:
£8
Pension Provider adds in tax relief
£2
Employee NIC saving
£0
Salary Exchange
Harry reduces gross pay by:
£10
Harry ‘s tax reduced by:
£2
Harry’s NI reduced by:
£1.20
Total invested in Sally’s pension plan:
Harry’s net cost for same £10 investment:
£10
£6.80
Employer NIC saving
Employer’s NI reduced by:
£0
£1.38
Simply Enrol powered by Creative Auto Enrolment
Cost defrayal – The impact of salary
exchange
AUTO ENROLMENT PROCESS CAN SAVE EMPLOYERS MONEY
Annual
Employer
NIC
Saving
2014
2015
2016
2017
2018
2019
£2,875
pa
£2,875
pa
£2,875
pa
£8,624
pa
£14,374
pa
£14,374
pa
Assumptions • 100 Eligible Employees
• Average Earnings £26,500
(NAE)
• Minimum Contributions QE
• Automatic Salary Exchange
Simply Enrol powered by Creative Auto Enrolment
Cost defrayal – Opt outs and salary
exchange
Auto Enrolment - Potential Costs and Savings
Number of employees
100
Average Salary
£26,500
Qualifying Earnings (QE)
£20,832
Opt Out Rate
Up to 2017 at 1% of QE
£20,832
Er Saving if Opt Out Rate Correct
£5,208
2017 to 2018 at 2% of QE
£41,664
Er Saving if Opt Out Rate Correct
£10,416
2018 onwards at 3% of QE
£62,496
Er Saving if Opt Out Rate Correct
£15,624
Up to 2017 at 1% of QE
£20,832
Er NI Saving if Sal Ex Used (including opt outs)
£2,156
2017 to 2018 at 3% of QE
£62,496
Er NI Saving if Sal Ex Used (including opt outs)
£6,468
2018 onwards at 5% of QE
£104,160
Er NI Saving if Sal Ex Used (including opt outs)
£10,781
25%
Employer Contributions
Employee Contributions
Total Saving if Opt Out rate correct and Sal Ex Used
Up to 2017
£7,364
2017 to 2018
£16,884
2018 onwards
£26,405
Consider Postponement
Simply Enrol powered by Creative Auto Enrolment
PHASE 4 – Preferred provider status
and Scottish Widows terms
• Unique arrangement with Scottish Widows
• Access to Scottish Widows full investment portfolio
• 0.5% reduction in charges
• Can be used for:
All employees
Any contribution basis
Even if minimum contribution basis is adopted
Different categories of employees
Simply Enrol powered by Creative Auto Enrolment
Why Scottish Widows?
Brand and
financial strength.
Simply Enrol powered by Creative Auto Enrolment
Why Scottish Widows?
• Established in 1815
• Financial Strength
A2 Moodys
A Standard & Poors
A Fitch
• £3.9 Bn of free capital at 31 December 2012
• Strong proposition (128 funds on platform including a
range of default options)
• Robust Investment Governance framework
Simply Enrol powered by Creative Auto Enrolment
Discipline 5 – Record Keeping
• Employers must keep records.
• Can use electronic or paper filing systems to keep or store
any records
• Most records must be kept for six years.
• The records must be provided to The Pensions Regulator, if
requested.
• The Pensions Regulator can conduct an audit if they have
reasonable grounds to do so (e.g. if there is a
Whistleblower).
Simply Enrol powered by Creative Auto Enrolment
Creative Auto Enrolment
– The complete end to end solution
• Assessment , Communication and all record keeping
• Payroll and Designated Implementation Consultant
• Can work with all Insurers, Nest ,Now, Peoples other Master Trusts
Working collaboratively with you to help
• Preferred Provider Status – Scottish Widows
your clients comply and take control
• Cost Defrayal – Automatic Salary Exchange
• Employer and Employee Helplines
Simply Enrol powered by Creative Auto Enrolment
Next steps
• A dedicated regional consultant
• Please Contact us through Simply Enrol with any
queries
• Regional workshops
• Focus activity around staging dates
• Prioritised assistance with distressed clients
TAKE CONTROL OR LOSE CONTROL
THE COMPLETE END TO END SOLUTION
Simply Enrol powered by Creative Auto Enrolment
Support on the ground
YOUR CREATIVE AUTO ENROLMENT
CONSULTANT
Name: Adrian Mahon
Mobile: 07776 483295
Email Address: [email protected]
Simply Enrol powered by Creative Auto Enrolment
Simply Enrol powered by Creative Auto Enrolment
Key learning points from this session:
• To understand the overall Creative Auto Enrolment
Proposition
• To understand how employers can defray some of their
costs
• To understand how the support available from Creative
Auto Enrolment can help advisers and their clients meet
their Auto Enrolment responsibilities
Simply Enrol
The Solution Partners
Christine Hallett
Carey Pensions UK
Simply Enrol powered by Carey Pensions UK
Simply Enrol powered by Carey Pensions UK
Key learning points from this session
To Understand:
• What is a Master Trust Pension arrangement
• Where the Master Trust arrangement fits into the pension scheme landscape
• Key Features of the Master Trust arrangement
• The regulatory framework of the Master Trust arrangement
• The Carey Pensions UK pension proposition
• How the adviser would position the Master Trust proposition
Simply Enrol powered by Carey Pensions UK
I
What is Carey Pensions UK?
I
•
•
I
•
•
•
•
•
•
Independently owned
Shareholders are ten partners of the one of the
largest international law firms - Carey Olsen
(Guernsey) origins dating back to the 1800s
Carey Pensions
UK Operations in
Milton Keynes
FCA regulated
Specialist pensions
administration team
Specialist trustee
team
Customer focussed
Award winning
•
•
•
•
Simply Enrol powered by Carey Pensions UK
Part of Carey Group established over 40
years, Head Office – Guernsey
Provider of specialist fudiciary, trustee and
pension services
Pension Scheme assets under
administration £1billion
Administering in excess of 20,000 members
Why Carey Pensions UK ?
END TO END SOLUTION
Your Trusted Partner - Working Together
Simply Enrol powered by Carey Pensions UK
Why Carey Pensions UK
End to End Solution and Support
Development
Proposition
Autoenrolment
portal
Middleware
Qualifying
Workplace
Pension
Working Together
Training
Documentation
Powered by
Staffcare
The Carey
Workplace
Pension Trust
-
Keeping it simple
Simply Enrol powered by Carey Pensions UK
-
Adding Value
Why Master Trust?
Defined Benefit
Hybrid
Employer Trust
Master Trust
Contract based
(with Scheme Governance)
Contract based
Group SIPP
Employer responsibility
Employee Responsibility
Carey Workplace Pension Trust
Master Trust Pension Schemes
Multi employer scheme under single trust with
a sponsor, an administrator and trustees
Carey Workplace Pension Trust
UK registered occupational DC scheme
Governed by Trust Deed and Rules
Independent Trustees Pitmans Trustees Ltd
Regulated by The Pensions Regulator
Simply Enrol powered by Carey Pensions UK
Carey Workplace Pension Trust is regulated
by The Pensions Regulator
THE PENSIONS REGULATOR
6 CORE PRINCIPLES
1
2
durable, fair and deliver good
outcomes
clear accountabilities,
responsibilities made
transparent
3
understanding of duties and
fit and proper
4
effective governance and
monitoring
5
well administered
6
ensure members are able to
make informed decisions
Simply Enrol powered by Carey Pensions UK
THE CAREY PENSIONS UK APPROACH
TO MEETING THE 6 CORE PRINCIPLES
Carey Master Trust - So what?
• You can seize the opportunity
• Rapid decision making
• Helping hand, to:
Identify local company targets
Develop your solution – flexible investment solutions
Onboard your clients schemes through Staffcare
• Scalable solution – even for small schemes
The issues the Pensions Industry will face
• Ticking time bomb
• Employers
• Employees
• Lack of Capacity
• Advisers
• Providers
Our approach
• Advisers adding value and in control
• ‘Best of breed’ independent partners
• Industry specialists
• Pro-active monitoring and review
You
The
Adviser
Your
client
The Carey
Workplace
Pension
Trust
Working Together
-
Keeping it simple
Simply Enrol powered by Carey Pensions UK
The
Company
Range of
Investment
Strategies
-
Adding Value
Building bespoke pension solutions
for corporate clients
Each company is different
greater opportunity for advisers to
differentiate themselves
Investment options can be tailored and
pro actively managed
Full Investment Flexibility or
Full Bespoke DFM Service
Directors
Senior
Managers
Managed
Portfolio
Services
Managers
Model
Portfolios
Default
Fund
Staff
Working Together
-
Keeping it simple
Simply Enrol powered by Carey Pensions UK
-
Adding Value
The Carey Pensions UK Proposition
Contact Details
Contacts:
Christine Hallett – CEO
Midlands and Northern Ireland
T: 01908 336010 E: [email protected]
Patricia Reynolds – Business Development Manager
London and South East
T: 07880 196992 E: [email protected]
Graham Peacock – Business Development Manager
London and South West
T: 07917 328501 E: [email protected]
Graeme Peden – Business Development Manager
Scotland and North England
T: 07557 110488 E: [email protected]
Simply Enrol powered by Carey Pensions UK
Simply Enrol powered by Carey Pensions UK
Key learning points from this session
To Understand:
• What is a Master Trust Pension arrangement
• Where the Master Trust arrangement fits into the pension scheme landscape
• Key Features of the Master Trust arrangement
• The regulatory framework of the Master Trust arrangement
• The Carey Pensions UK pension proposition
• How the adviser would position the Master Trust proposition
Simply Enrol powered by Carey Pensions UK
Simply Enrol
The solution Partners
Steve Bee
Jargon Free Benefits
Simply Enrol powered by Jargon Free Benefits
Simply Enrol powered by JargonFree Benefits
Key learning points for this session:
• To understand the Jargonfree Benefits proposition.
• To understand the way the online fact-find works.
• To appreciate how the Four-Button Admin process helps
IFAs work as partners with their employer clients.
JargonFree Benefits
JargonFree Benefits
Four button admin
Four button admin
The first button uploads the monthly or weekly payroll (as simple a
process as uploading a photo to Facebook).
The second button runs all of the auto-enrolment processes for the
week/month (for 100 employees this takes about a minute during which
time everyone gets the right e-mail telling them exactly where they stand
with auto-enrolment and what to do).
The third button downloads the payroll file that tells the payroll what to do
at its next run.
The fourth button downloads the CSV file to be sent to the pension
provider.
jargonfree benefits
Easy peasy!
Simply Enrol powered by JargonFree Benefits
Key learning points from this session:
• To understand the Jargonfree Benefits proposition.
• To understand the way the online fact-find works.
• To appreciate how the Four-Button Admin process helps
IFAs work as partners with their employer clients.
Coffee Time
Simply Enrol powered by Jargon Free Benefits
Profiting from providing an
effective AE solution
Steve Bee
Jargon Free Benefits
Simply Enrol powered by Jargon Free Benefits
Profiting from providing an effective
AE solution
‘
By 2016 the distribution of retail financial
services products in the UK will come down to
a massive battle between the high street and
the workplace.
IFAs cannot get a foothold in the high street,
but they can dominate the workplace.
Steve Bee: April 2007
’
Profiting from providing an effective
AE solution
Employers have a problem.
It is IFAs they will turn to.
What will you tell them?
Profiting from providing an effective
AE solution
What will you provide for your employer
clients?
Will you provide administration services?
What services could you provide on the
workplace for employees?
A post-RDR business model might include a
mixture of services and advice.
Profiting from providing an effective
AE solution
What is your endgame?
Where do you see your business in
five years’ time?
How can you add value to it?
Profiting from providing an effective
AE solution
Manage just your existing employer
clients
or gain more?
Work as a hub for other advisers?
Joint ventures with accountants?
Joint ventures with payroll providers?
Profiting from providing an effective AE solution
Be clear about what you do.
Be equally clear about what you
don't do.
Profiting from providing an effective
AE solution
If you get this right you can
‘own’ the workplace and
transform your business.
Questions
Key messages from the day
Auto Enrolment presents a unique opportunity to
capitalise on compulsory legislation
• The scale of the opportunity is unprecedented
• Achievable entry to the “corporate market”
• Time to act is now
• Establishing a footprint in the workplace will make a
significant impact on your future
• 38,000 schemes will be established over the next 12
months
Key messages from the day
•Just 30 schemes each with 50 employees will earn
you:
* £45,000 initial fees
* £27,000 passive and recurring annual revenue
* 1,500 captive client prospects
• Delivery of an AE solution is not regulated activity
• Create a foundation for marketing ongoing advice
• Professional connections need your support
ACT NOW WITH
Simply Enrol
www.simplyenrol.co.uk
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