6 Steps to Auto-Enrolment
Our 6 step auto-enrolment process offers a complete solution, saving you significant time, effort and money.
Step 1 – Initial Consultation
During our initial consultation meeting, we will take the time to understand what your business is hoping to achieve through the auto-enrolment process, collect the required information about the business and its employees and explain the way in which we work and the likely fee for our services. Following the initial consultation, we will write to you setting out the scope of work we have discussed, as well as the exact fee required to engage our services.
Step 2 – Review The Workforce & Existing Arrangements
We will collect all of the required payroll data about your employees and review any existing pension schemes you have in place. We will conduct an analysis of the different contribution options available to the business, consider the benefits of salary exchange and, if applicable, the suitability of your existing pension scheme. At the end of this stage, we will provide you with an auto-enrolment planning report detailing the actions required to be compliant by your staging date.
Step 3 – Scheme Design, Tendering & Employee Communications
Based on the information we have collected so far, we will begin the process of designing a compliant scheme for your business. We will provide a report on the different pension schemes available to you and advise on default investment strategy and fund choice. We will undertake whole of market research, conduct a tendering process, and then negotiate with providers to secure the best available terms. We can also manage an employee communication programme on your behalf.
Step 4 – Scheme Implementation
Following our negotiations with your chosen provider we will set about implementing your scheme. We will report to HMRC and The Pensions Regulator on your behalf and take care of all the administration tasks involved in the set up process. We will happily provide support to HR, payroll and IT where required.
Step 5 – Communicate To Employees
We will manage the roll out of your new scheme to your employees, including conveying all of the necessary information to members as required by the legislation. We will hold a group presentation, issue a welcome pack to each member and provide a support service for your first auto-enrolment pay date.
Step 6 – Ongoing Scheme Management & Administration
Implementing your scheme is just the start of the auto-enrolment requirements. You will need to assess your workforce at each pay period, report to the Pensions Regulator on a regular basis and ensure your pension scheme remains competitive and appropriate. Buckingham Gate can manage and administer your workplace pension scheme for you on an on-going basis, saving you significant time, effort and money.
Due to our simple, fixed fee structure you will always know in advance the cost of our expertise and planning advice as well as the value we can add to your financial situation. more…
There are many reasons why you might choose to appoint Buckingham Gate as your financial planning partner. Here are just a few.