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Auto Enrolment

Auto-Enrolment relates to legislation recently introduced by the Government to help workers save for their retirements. All employees are required to be enrolled into a qualifying workplace pension scheme if they are not already in one.

The employer is required to contribute a minimum of 3% of each employee’s qualifying earnings by 2018. This 3% is to be met with a 5% employee contribution which meets the minimum 8% contribution target.

Employees eligible for Auto-Enrolment:

  • Don’t already have a private pension plan
  • Aged between 22 years and state pension retirement age
  • Earn over £10,000 per year (tax year 2014/15)
  • Ordinarily work in the UK.

If a worker does not fit into the above criteria, they still have the right to join a qualifying workplace pension. They just need to inform their employer that they would like to “opt in” and they must be allowed to do so.

Auto-Enrolment came into force in October 2012; the size of the company will determine when within a five year period, the individual employer’s staging date will start.

Professional advice will need to be sought well ahead of the prescribed staging date, as there are many key decisions that an employer will need to make.

How can Jeffreys Henry Financial help you?
Our bespoke service is designed to provide you with in-depth information to enable you to understand how you can manage your current pension scheme or set up a new qualifying pension scheme.

  • We can provide an analysis of your current scheme and offer options, tailored to suit your specific requirements
  • Enable you to manage the costs between now and your staging date
  • Provide a dedicated team to handle all types of technical and ongoing member communication and support issues
  • Qualified financial advisers that can help employees make investment decisions
  • Appropriate systems to help with the administration of running your scheme
  • Guidance on legislation changes and how they might affect you and your scheme
  • Governance management support
  • Bespoke Fee agreement.

Auto-enrolment need not be an arduous task and we would be delighted to guide you through every step of the process in order to help you understand and prepare for your employer duties.

If you would like further information, please do not hesitate to get in contact with one of our advisers today by either filling in this form:

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For more information about Jeffreys Henry Financial’s range of employee benefits, please call 020 7371 5244 or email info@jeffreyshenryfinancial.co.uk

Contact Us

Jeffreys Henry Financial Services
Finsgate
5-7 Cranwood Street
London
EC1V 9EE

Tel: 020 7371 5244
Fax: 020 8371 3112
E: info@jeffreyshenryfinancial.co.uk

 

Jeffreys Henry Financial Services Limited is an appointed representative of Vintage Wealth Management Limited which is authorised and regulated by the Financial Conduct Authority. Number 593380.  Incorporated in England and Wales.  Company number 03824520.  Registered Office: 5-7 Cranwood Street, London, EC1V 9EE. Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren't able to resolve themselves. To contact the Financial Ombudsman Service please visit www.financial-ombudsman.org.uk.

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Contact

Tel: 020 7371 5244
Fax: 020 8371 3112
E: info@jeffreyshenryfinancial.co.uk