What are your duties

The Pensions Regulator has published over 250 pages of notes to help employers comply with their new responsibilities, which in essence break down into 33 new pension responsibilities for each employer!

To make life a little easier, we have broken them down further into 5 main areas – here is an overview of your main duties:

  • Categorise your workers. You may think everyone should be included in auto-enrolment, but it’s not that simple.
  • Communications. There are a number of different communications you need to send to different categories of worker at different points in time.
  • Keep detailed records of opt-ins and opt-outs.
    o Employees can opt out
    o Employees who aren’t eligible now may become eligible
    o Opted-out employees may change their mind.

Detailed records relating to all this movement must be maintained and updated at all times.

  • Manage your payroll. Your payroll system will need to ensure the correct contributions are payable for each employee every time the payroll is run (see FAQ’s to see how much you will need to contribute).
  • Choose a pension plan. You’re also expected to select a pension plan and take decisions about which investment choices to offer your employees – decisions that are usually only taken by pension professionals with many years’ experience.


There has been lots of discussion around how auto-enrolment will affect employees and debate around whether employers are ready. The truth of the matter is this –there are significant costs and time pressures facing businesses in rising to the challenge of implementing auto-enrolment, and with fines for non-compliance, businesses will also pay the price for getting it wrong (see fines in FAQ’s).

For businesses that haven’t yet staged, auto-enrolment is fast approaching. It’s no longer that bridge in the distance. This is something you have to deal with now but with the right help and support it doesn’t have to be a big obstacle to cross.

What our clients say about us

“I have been very pleased with the level of knowledge and experience of Berry Wealth Management. They take the time to really get to know their clients, which gives me every confidence that my financial goals are understood. They regularly provide updates, and have always been available to answer any questions or to explain options within my portfolio. Transitioning into retirement has been much more comfortable thanks to their help and guidance.”

~ David Leaney

 

“We have been advised by Colin for the past nine years. During this time, we have been extremely pleased with the indepth advice. The frequent reviews have helped us make some excellent, well-informed financial decisions. Colin has always attached an excellent element of professional tax-efficient advice coupled with caution that has comforted us in many ways. We wish that we had met Colin earlier, as we would have enjoyed more longevity of first-class financial planning advice.”

~ Keith & Joanne Hobbs

 

“Colin has been our financial adviser for nearly two decades, he has always offered a consultative approach to financial advice, and this has most definitely enabled Elizabeth and I to retire earlier. Colin also has a good selection of contacts for other areas where advice might be required, and having a trusted source for such recommendations has been invaluable. I do not like the larger companies’ impersonal approach and feel we are valued customers of Berry Wealth Management.”

~ David & Elizabeth Donnelly