HR Solutions Webinar: Pension Auto Enrolment Issues
Join HR Solutions, and our special guest speaker from Anstee & Co Financial Designers, for this free webinar where we discuss Pension Auto Enrolment issues including:
• Reminding you of your responsibilities
• The compliances issues
• The penalties of non-compliance
• Re-enrolment
• Master Trusts
There are a few things that most employers will already be aware of, such as the upcoming increases to the minimum auto enrolment contribution rates.
From the 6th April 2019:
1. Minimum Employer contributions will rise to 3% (and in some cases 4%)
2. Minimum Employee contributions will increase to 5% for most (or 4% if set up like your own scheme – but most companies won’t know which they are)
The next section is much more important; particularly as most employers might not already be aware of the following:
• By 31st March 2019 ALL MasterTrust pension schemes have to register and demonstrate that they are fit and proper and have sufficient capital reserves etc.
• MasterTrust schemes include NEST, NOW!, Smart Pension, People’s Pension, Legal & General Master Trust, Creative and about 85 others. Of these at least 30 schemes (out of the above) have already chosen to close down rather than try to meet the standards, which leaves the employer obligated to find a suitable alternative immediately. We won’t know until April which schemes are still on the list, but it has been suggested by Baroness Altmann (former pensions minister) that ALL MasterTrusts are likely to have problems going forward.
In light of the pension auto-enrolment issues discussed in the webinar, now is a good time for businesses to review their pension auto-enrolment arrangements.
For Pension Auto Enrolment queries please contact:
Darren Amos at Anstee & Co Limited
Tel: 01536 483733
www.ansteeco.co.uk
For Payroll and Pension Administration queries please contact:
Kay Melay at HR Solutions
Tel: 0844 324 5840
www.hrsolutions-uk.com/hr-services
