Essential Guide to Auto-Enrolment for Employers in Northern Ireland
Be informed about key steps, penalties, and deadlines of auto-enrolment in Northern Ireland. Understand the benefits and responsibilities of enrolling eligible jobholders into a workplace pension scheme to avoid non-compliance penalties. Act now to ensure smooth auto-enrolment process for your business.
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Presentation Transcript
Pensions Auto-enrolment 2017 update Northern Ireland Employers Our local team is here to help 028 9087 7142
Key Areas Background What is Auto-Enrolment? Key steps for Employers Why Workers Pension Trust? Features of the scheme Employer Support How does it work? Our local team is here to help 028 9087 7142
People Working for Every Pensioner Pensioners People of working age 1901 2005 2050 Our local team is here to help 028 9087 7142
What is Auto-Enrolment ? TheAutomatic Enrolment of eligible jobholders into a workplace pension scheme . Those who - Are not already in a qualifying workplace pension scheme Are at least 22 years old Have not yet reached State Pension Age Earn more than the earnings threshold - 10,000pa Work in the U.K. Our local team is here to help 028 9087 7142
Penalties for non-compliance Employers face enforcement action if they don t comply Enforcement action starts with statutory notices and is followed by penalty notices. Enforcement actions are fixed at 400 and payable within a specific period. 8300 issued in 2016 Our local team is here to help 028 9087 7142
Northern Ireland Marketplace 118,000 registered businesses 85,000 of these are self employed 33,000 businesses to auto-enrol 10,000 auto-enrolled to December 2016 23,000 to auto-enrol in 2017/ Early 2018 There will be Bottlenecks Act NOW !! Our local team is here to help 028 9087 7142
Key Steps For Employers 1) Know your staging date 2) Register with a Pension Scheme 3) Understand contribution levels, costs & timings 4) Talk to your payroll providers 5) Communicate with Workers 6) Enrol, manage opt outs & start contributions 7) Complete Declaration of Compliance Our local team is here to help 028 9087 7142
Know Your Staging Date No of employees 120,000 or more 119,999 2000 1,999 500 499 250 249 160 159 - 90 89 - 62 61 58 57 54 53 50 49 40 39 30 Staging Dates 1 October 2012 1 November 2012 1 August 2013 (over 9 dates) 1 September 2013 1 November 2013 (over 3 dates) 1 January 2014 1 February 2014 (over 2 dates) 1 April 2014 1 May 2014 1 July 2014 1 August 2014 1 January 2015 (over 4 dates) 1 March 2015 1 April 2015 1 August 2015 1 October 2015 1 June 2015 1 October 2017 (over 20 dates) determined by last 2 characters of PAYE reference http://www.thepensionsregulator.gov.uk/employers/staging-date-timeline.aspx Less than 30 Your staging date is based on your payroll size as at 1 April 2012. Please note that the Pensions Regulator will write to you 12 months and 3 months before your staging date telling you what you need to do. Our local team is here to help 028 9087 7142
Assess Your Workforce AGE 16 21 22 State Pension age State Pension age - 75 Can join Can join Can join Less than 5,876 EARNINGS Can opt in* Can opt in* Can opt in* 5,876 - 10,000 Can opt in* AUTO-ENROL* Can opt in* 10,000 and over * Employer must also contribute Earnings amounts are subject to change Eligible Jobholder Someone you must automatically enrol Non-Eligible Jobholder Someone who can opt in Entitled Worker Someone who can join Our local team is here to help 028 9087 7142
Contributions The minimum level of pension contributions that employers will be required to make is due to increase from 1% to 3% by 2018 as shown in the table below: 1 2 3 Duration Staging Date to 31 March 2018 1 April 2018 to 31 March 2019 1 April 2019 onwards Employer Contribution 1% 2% 3% Employee contribution 0.8% 2.4% 4% Tax relief 0.2% 0.6% 1% Total contribution 2% 5% 8% Our local team is here to help 028 9087 7142
Talk to your payroll provider Who provides the payroll function? Own staff payroll system e.g. Sage Accountant? Book keeper? Payroll bureau? Our local team is here to help 028 9087 7142
Communicate Employers must communicate with their employees Initial Letter 3 months before Staging Date Postponement notice if postponing Final letters Eligible/Non-eligible & Entitled Our local team is here to help 028 9087 7142
Qualifying Earnings Earnings from 5,876 - 45,000 Basic Pay Commission Bonuses Overtime Statutory sick pay Maternity, Paternity & Adoption Pay Our local team is here to help 028 9087 7142
Post Staging Keep Records up to 6 years Monitor age and earnings Add new joiners & remove leavers Manage the opt-out process Complete Declaration with the Pensions Regulator Re-enrol opt-outs every 3 years Our local team is here to help 028 9087 7142
Re-Enrolment Choose re-enrolment date Work out who to re-enrol Issue re-enrolment letter Re-enrol staff Manage Opt Outs Complete Re-Declaration of Compliance Our local team is here to help 028 9087 7142
Your Local Auto-enrolment Solution Our local team is here to help 028 9087 7142
Why Workers Pension Trust? Not for profit organisation 30 Years experience delivering pensions Suitable for all employees No minimum number of employees Transfers permitted to and from the scheme Flexible contributions within HMRC limits Band earnings or first Our local team is here to help 028 9087 7142
Features of the Scheme Multi employer Master Trust Defined contribution pension scheme Protected under trust Investment choice Legal & General 200 & vat initial set up fee Charging structure the same as NEST Our local team is here to help 028 9087 7142
The Story So Far Enrolled first employer October 2013 3,500 Employers by August 2017 43,000 Employees to date All sectors of industry & commerce Construction, transport, retail, manufacturing Legal, accountancy, pharmacy, veterinary, charity Opt out rate 4% Our local team is here to help 028 9087 7142
Breaking News Master Trust Assurance Framework Awarded to WPT in February 2017 Only Scheme in Northern Ireland One of only 20 schemes in the U.K. Our local team is here to help 028 9087 7142
Employer Support Easy on-line application process Detailed employer guidelines on website Online administration system UK based service team Employee template letters, posters & flyers Employee new entrants pack Our local team is here to help 028 9087 7142
How does it work ? Employer registers on-line Completes Declaration & DD Mandate Receives user name & password Supplies employee data to WPT Use employee letter templates Monthly pension file uploads Our local team is here to help 028 9087 7142
Workers Pension Trust Here to help your members Through Auto-enrolment For further information Contact Iain Ferguson on 028 9087 7142 or email iainf@workerspensiontrust.co.uk Our local team is here to help 028 9087 7142
