Meeting your Work Place Pension obligations can be a headache. Cambrian can help you get on the right path with Work Place Pension’s from our initial consultation through to implementation and onto meeting your ongoing requirements once it’s up and running.
What is Auto Enrolment/ A Work Place Pension?
Auto Enrolment is a government initiative designed to get every employee enrolled into a pension scheme. For employees it will be automatic; employers are required to enrol eligible staff into a pension scheme, and contribute on their behalf.
Non-Compliance with the Auto Enrolment requirements can be costly and it can be a timely challenge to navigate the complex web of guidance out there.
What do employers have to do?
- Identify your “Staging Date”
- Create an action plan
- Conduct an initial assessment of your workforce
- Work out your costs
- Review your records and payroll system
- Select a Qualifying Workplace Pension Scheme to use for your Employees
- Complete an assessment of your workforce at Staging Date
- Write to your Staff; you will be responsible for writing to your staff at various points
- Complete a Declaration of Compliance with the Pensions Regulator
- Comply with your ongoing duties
If your staging date is less than 12 months away you should not delay any further. Seek advice immediately!
What can Cambrian do for your Company?
We will guide you through the whole Work Place Pension process, from establishing your “Staging Date” right through to Implementation and helping you to meet your ongoing requirements.
We’ll help you set out a plan for implementing Work Place Pension’s in your firm, help you to find and collate the information you need, and help you to pick the right pension scheme for your employees and fill in any forms that are required along the way.
We understand that it can be difficult to get your head around Auto Enrolment and Work Place Pensions especially if you have not had a Scheme in place previously. Our goal is simple: to make your Auto Enrolment journey as easy as possible.
How do Cambrian charge for Auto Enrolment/Work Place Pension advice?
Our charging structure is simple, and transparent. You will understand at the start of our relationship how much our advice is going to cost your firm.
- Initial Consultation meeting: This will be at our cost. If you decide not to proceed, there will be no charge.
- Engagement: If you decide to use our services, there will be an upfront engagement fee of £1,000.
- Implementation: When we’re ready to set your Scheme up, there will be an Implementation Fee. This is charged on a per employee basis of £100 per employee; the first 10 employees will be covered by the earlier Engagement Fee, so if you only have 10 employees, you won’t pay anymore.
- Ongoing Services: If you decide to receive an Ongoing Service after implementation, which you are not obliged to at outset, currently our charge for this service is £60 per employee, per annum, subject to a minimum Ongoing Service Fee of £600 per annum.
A company with 30 employees. Will pay an Engagement Fee of £1,000. At implementation, there will be an Implementation Fee of £2,000. Total set-up cost £3,000. If the company chooses to receive an Ongoing Service, the Ongoing Service Fee will be £1,800 per annum.
A company with 8 employees. Will pay an Engagement Fee of £1,000. At implementation, there will be no Implementation Fee. If the company chooses to receive an Ongoing Service, the Ongoing Service Fee will be £600 per annum.
Please note that a time premium of up to 100% may be added if there is less than 6 months before your Staging Date. This will be negotiated on a case by case basis, based on the additional work required due to operating within an “emergency” timescale.
Arrange a consultation meeting
Call our Work Place Pension specialist John Brown on 01244 526348 or email firstname.lastname@example.org