The government has recently made it compulsory for you to start a pension for your employees. You will need to automatically enrol them, as they become eligible depending on your company’s size.

At Brooms Payroll and Pension Solutions Ltd we can provide everything you need to know and do, to set up an Auto-Enrolment scheme.

The criteria

Age


22 and State Pension age

Earnings


Earn at least £10,000 a year

Eligibility


Working in UK and not in other qualifying scheme

   The regulator will have the power to issue a fixed penalty of £400 to an employer, as well as escalating penalties at a daily rate. With this in mind Brooms Payroll and Pension Solutions Ltd are offering advice on Auto-Enrolment, from the initial consultation, to the implementation and more.

Complexity removed with our of Auto Enrolment process

There are 5 stages to the financial planning process, each of which is separately costed, although the initial consultation is at our expense:

Auto enrolment consultation

Initial Consultation

  The initial consultation will comprise of:

  • Initial meeting with one of our qualified financial planners
  • A chance to ask questions and understand what we do
  • Opportunity for us to find out what help you require
  • Discussion regarding the options available to you from our menu of services
  • Information about our charges
  • Regulatory Compliance

  There is no charge for this initial consultation

Pension team

Gathering Personal and Corporate Financial Data

  We will carry out an assessment of your requirements, in respect of the compulsory implementation under Auto Enrolment/Workplace pension legislation. This will include:

  • Providing information around Auto Enrolment and establish start/staging date
  • Gathering general company information and structure
  • Gathering of information about your existing Pension arrangements and desired solution
  • Arranging a second appointment to explain and discuss our recommendations in detail

  When you receive our summary it will be your decision whether to implement our recommendations either, completely or in part

Service proposition

Option 1 – Pre Assessment and Initial Staff Communications

  • Determine Starting/Staging Date
  • Assess Workforce Eligibility (eligible/non eligible/entitled), including reviewing existing company scheme, if applicable
  • Consider scheme type
  • Communication to workers
  • Consideration of HR issues

Option 2 – Fully-Advised & Administer Service*

  • Determine Staging Date
  • Assess Workforce Eligibility (eligible/non eligible/entitled), including reviewing existing company scheme, if applicable
  • Consider scheme type
  • Communication to workers
  • Consideration of HR issues
  • Full administration of pension scheme and payroll scheme and payroll at same office
  • Statutory Communications
  • Initial Payroll Review
  • Payroll assessment
  • Contribution data
  • Liaise with & Inform pension provider
  • Finalise Payroll
  • Facilitate registration with The Pensions Regulator within 6 months of staging
  • Opt Ins and Opt Outs
  • Ongoing Assessment and alterations including new joiners.
  • Pension telephone support for employees
  • Pensions telephone support for employer
  • General Financial Advice including mortgage and Estate planning/Will Writing
  • Annual Company review meeting

Option 3 – Financial Advice only*

  • Pension advice telephone support for employees  
  • Pensions telephone support for employer
  • General Financial Advice including mortgage and Estate planning/Will Writing
  • Annual Company review meeting

*Any financial advice provided will be via Broom Consultants Limited who are authorised and regulated by the Financial Conduct Authority.

Bespoke additions

   At Brooms Payroll and Pension Solutions Ltd,  we believe that you should have the opportunity to tailor our service level to your requirements, and have produced a selection of tailored options to either the basic or standard service packages. These can be discussed and added prior to implementing this agreement or can be included at a future date.

Ongoing Service

We recognise that all clients do not have the same service requirements, therefore even though we do provide a guideline by way of our bandings, you are free to choose the level of service that best suits your needs - the levels of service will be discussed and your selection agreed.

Our fees for this part of the service are covered in detail within our Service and Fee Agreement, which should be read in conjunction with this document.

We Provide Independent Advice

We will advise you and make a recommendation for you after we have assessed your needs, with our recommendations being based on a comprehensive and fair analysis of the market. We will place no restrictions on the investment markets, we will consider before providing our investment recommendations, unless you instruct us otherwise. Above all we will only make a recommendation when we know it is suitable for you.

Contact us for more information


Brooms Payroll and Pension Solutions Ltd

We work with our clients to understand their immediate and future needs, to provide tailored solutions.

Auto-enrolment

Service proposition
Service charges

Contact

Tel: 0333 366 0006
jeff@bpps.co