Supporting our confederation partner NASC Regional Meeting Bob Taylor, Federation and Union Relationship Manager
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Supporting our confederation partnerNASC Regional Meeting
Bob Taylor, Federation and Union Relationship Manager
Automatic enrolmentA summary of employer duties
Register schemes
Inform all workers
Enrol all eligible
Contribute Keep records
Employers must not Coerce employees to opt out or
discriminate against employees
seeking a pension
Automatic enrolmentHow it is being introduced
FROM
TO
Mediumemployers
Smalleremployers
250 & Over 249-50 49-30 Less than 30
1 Oct 2012
1 Feb 2014
1 Apr 2014
1 Apr 2015
1 Aug 2015
1 Oct 2015
1 Jan 2016
1 Apr 2017
Large employers
Small employers
New PAYEs
1 Oct 2017 1 Oct 2018
Employer Contribution
Employee Contribution*
* Includes tax relief
Assessing the workforce
Identify eligible workers
Age
16 - 21 22 - State
Pension Age
State Pension
Age – under 75
£5,824 - £10,000
- £5,824
£10,000 - £42,385
Salary
Wages
Bonus
Commission
Statutory maternity pay
Statutory sick pay
Earnin
gs
Earnings figures correct for 2015/2016 tax year
Identify eligible workers
Age
Ea
rnin
gs
16 - 21 22 - State
Pension Age
State Pension
Age – under 75
CAN JOIN
AUTO-ENROL
CAN OPT IN
CAN OPT IN CAN OPT IN
- £5,824 CAN JOINCAN JOIN
CAN OPT IN CAN OPT IN
Assessing the workforce
£5,824 - £10,000
£10,000 - £42,385
Earnings figures correct for 2015/2016 tax year
• Penalty notices and even imprisonment in extreme persistent cases of non-compliance
• TPR used their formal powers on 2,169 occasions
– included 1,682 compliance notices
– 424 fixed penalty notices and
– 5 escalating penalty notices. (Source: The Pensions Regulator – July 2015)
• Fixed Penalty fine £400
• The escalating penalty notices carry a daily fine of between £50 and £10,000
What happens if you don’t comply?
Provided by B&CE
DC Providerof the Year 2014
Mastertrust Providerof the Year 2014
Outstanding Product Knowledge 2014
Low charges
Simple proposition
Staged9,300
employers
Focus on customer
service
Auto-enrolledover 1.6 million
members
Largest private sector scheme in UK
Not for profit
Low cost enhancement of staff reward for all:
Employee Accident & Life Cover
Why?
Cover protects:
• Your workforce
• Your reputation
• Your productivity
Research confirms cover will:
• Attract employees• Improve retention
Accidents do happen
in 2013/14• 42 deaths• 5,193 injuries• 2.3m working
days lost(HSE figures)
!
B&CE’s Accident Cover
Cover for all employees Cover from day one
No upper age limit No underwriting
Worldwide cover• at work• travelling to and from work
B&CE’s Life Cover
Cover for all employees age 16 and over from day one
Tax-free lump sum on death
Three levels of cover to match your budget and structure
Lump sum doubles if accidental death• at work• travelling to and from work
Can pay out on death of ex-employee No occupational or
above/below ground restrictions
Cost & value
Death Per employee Life at work Cost per week
(x1) Standard £30,000 £60,000 £1.39
(x2) £60,000 £120,000 £2.46
(x3) £90,000 £180,000 £3.53
Pension AE employer costemployee earning £25,000
2015 (1%) £ 3.69 pw
2017 (2%) £ 7.38pw
2018 (3%) £11.07pw
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