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Staging Package

This package includes....

  • Assessing Workforce
    On appointment Abacus will carry out an assessment of your workforce, dividing them into the auto-enrolment categories of eligible jobholders, non-eligible jobholders and entitled workers.
    This is relatively straightforward but first you have to establish who is in your workforce; this could include people not on your payroll (such as contractors) and people seconded overseas. This is an area where companies have needed expert advice.
    Once you've undertaken the initial assessment, sadly you cannot relax. You need a process to undertake assessments again and again -- in fact every pay reference period.
  • Analysing costs
    We will provide you with a report highlighting the potential direct pension cost associated with the various qualifying pension contribution alternatives ensuring that the company has the appropriate definition of qualifying earnings more suited to its business and remunerative policy. A wrong decision at this stage may be irreversible and could cost you £1000’s more annually.
  • Scheme Design and Suitability
    Getting the design of your scheme right is crucial. Things to think about include the costs of the various contribution models you can use for auto-enrolment, which model will suit your payroll system best, whether you want to use salary sacrifice and whether you want to take advantage of the option to phase in contributions.
    Modeling the costs of each potential contribution structure can be very helpful and you must not forget to check that any staff already in a pension scheme are receiving contributions (or benefits) at least as good as those required by the Regulator. Another crucial decision is into which scheme or schemes your staff are to be auto enrolled.
    An existing plan may be your first thought but this may be a good time to see if an alternative is available that can provide better value or more comprehensive support with the auto-enrolment processes, particularly around communications and the opt out processes.
    Additionally a formal employee consultation process may need to be adhered to if material changes are being made to an existing pension scheme which result in an increase in the contribution basis for e/ees.
  • Communications, HR and Payroll Readiness
    Whatever you do that affects your staff's pay and benefits needs to be communicated. Some communications are statutory (there are template letters from the Regulator to help with these) but you may wish to do more than this to explain the changes to your staff. For example, many employers are putting in place a communication plan to set the scene, raise awareness and help staff understand and value the pension arrangement being put in place for them.
  • Payroll Data Capture
    Finally to ensure we arrive at the most appropriate outcome, we will require your assistance in providing certain company payroll data. We will advise you as to the exact requirements during the course of our discussions.

Solution – Consider NEST, Peoples Pension, NOW Pensions as
Auto Enrolment Scheme of choice.

 

If you’d prefer to talk to us about your situation then give us a call to discuss, we would be happy to help.

Call us on 0844 050 2254

 



Planning for a comfortable financial future takes confidence, nothing more. Setting your goals is the first step to success. It gives focus and direction. That's where we can help.

what our clients say

"Abacus IFA act as our appointed pension scheme advisers and have been connected with our pension proposition for many years. They were involved in giving both the employer and employees independent advice during our decision to close our Final Salary Scheme and in the implementation..." Read more

Mark Rankin
Commercial Director,
Elddis Transport (Consett) Limited