Auto Enrolment Service Proposition
Auto Enrolment Service Proposition
STAGE 1: INITIAL CONSULTATION AND REPORT
Meeting
We will meet with you to discuss the auto-enrolment requirements. We will also establish your
objectives and obtain details about any existing pension arrangement(s) which you have.
Initial factfind
We will obtain some basic details relating to your workforce and payroll.
Identify staging date
We will establish your staging date and include this in our initial report.
Initial assessment report
We will provide you with a detailed report confirming your duties, when the changes affect you, what
you need to do and when. We will also give you details of the penalties which apply if you fail to comply.
STAGE 2: SCHEME ASSESSMENT
Analyse current pension arrangement(s)
We will analyse any existing arrangement(s) you may have in place and comment on the suitability of
these as a qualifying scheme for auto-enrolment.
Data gathering & assessing the workforce
You will provide us with employee data so that we can begin to analyse the workforce and segment
them into the different categories of workers.
Investigate cost implications
We will provide you with approximate details of how much the changes will cost you, looking at
different contribution rates over the phasing-in period. We can also look at ways of minimising costs
using a salary sacrifice arrangement.
STAGE 3: PROVIDER SELECTION
Market review
We will carry out a review of the available products on the market (including the government backed
scheme NEST) and make a recommendation as to which provider is the most suitable.
STAGE 4: OPTIONS FOR SCHEME DESIGN
Meeting
We will have a further meeting to discuss and agree the final scheme design, including:
- Joining methods
- Waiting periods
- Salary sacrifice
- Contribution rates
- Earnings definitions
- Communication
- Default fund
- Data requirements
Detailed scheme design
We will design a scheme to fit with your objectives and work with the provider to create a process
which fits in with your day-to-day business.
Appropriate default option
We will make a recommendation for an appropriate default fund based on the objectives outlined in
our initial discussions.
STAGE 5: IMPLEMENTATION
Set up a new scheme
We will liaise with you and the selected provider to ensure that the scheme is set up correctly and
that the processes are in place to meet the auto-enrolment requirements.
Review systems and processes
We will need to ensure that the payroll systems and new joiner processing meet the requirements.
Build a scheme plan
We will provide you with a plan detailing what needs to be done and when.
Engage workforce and communications
We can provide you with communications to issue to your employees, notifying them of the changes
and what it means for them. We will also work with the provider to ensure that the
additional/ongoing communications which will be required meet your needs.
Optional presentation/roadshow to employees at an additional cost of £450
Data collection
We will work with you and the selected provider to ensure that the data is collated and shared so that
all eligible workers are auto-enrolled.
Register with the Pensions Regulator (tPR)
You must provide certain information to tPR about how you’ve complied with the automatic
enrolment duties. Registration is mandatory and you could get fined if you don’t do it in time. Your
registration deadline is five calendar months after your staging date.
We will assist you to ensure that the appropriate registration has been submitted to tPR to ensure
that your scheme complies with legislation.
Report to confirm all recommendations
We will provide you with a report confirming our recommendations and how the scheme complies.
This will also provide you with details of the default fund selection.
STAGE 6: ONGOING
Re-enrolment
Every three years, you’ll need to re-enrol any workers who have opted-out back into your pension
scheme, provided they’re still eligible. You’ll also need to complete re-registration with tPR which we
will assist you with.
Record keeping
You must keep up-to-date records about your staff, including who you’ve automatically enrolled and
when, information about your pension scheme, and the contributions you are paying. We will help
you to ensure that you have the required records to comply with the auto-enrolment requirements.
Communications
We can assist you with ongoing communications to help engage the workforce with pensions.
Annual review
We will carry out a review to ensure that the scheme and default fund continues to meet your
requirements. In the early stages, we will also notify you of any increases required to minimum
contribution levels.
ADDITIONAL SERVICES
Individual advice
We can provide individual advice to employees on an adhoc basis. This can include investment and/or
financial advice during the accumulation phase or at retirement advice for employees considering
their options on drawing benefits.
NB: Clients with schemes which are already qualifying may only choose stages 1 & 2, i.e. a report
confirming their duties and that their existing scheme complies.
PRICING
1
STAGE 1: INVESTIGATE NEW SCHEME
Initial meeting
Factfind
Identify staging date
Initial assesment report
2
PACKAGE
3
4
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STAGE 2: REVIEW EXISTING SCHEME
Data gathering & workforce assessment
Analyse current pension arrangements
Investigate cost implications
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STAGE 4: SCHEME DESIGN
Meeting
Detailed scheme design
Appropriate default option
REPORT TO CONFIRM ALL RECOMMENDATIONS
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STAGE 5: IMPLEMENTATION
Set up a new scheme
Register with the Pensions Regulator (tPR)
Review systems and processes
Build a scheme plan
Engage workforce and communications
Data collection
ADDITIONAL SERVICES
Individual advice
Presentation to employees
Salary Sacrifice advice
6
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STAGE 3: PROVIDER SELECTION
Market review
PRICE (£)
5
2500
1000
450
750
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1250
6750
£225 per hour
£750 per session (negotiable for multiple)
£1500
ONGOING SERVICES
Re-enrolment, record keeping, communications, Annual Review - From £900 a year
Tel: +44 (0)1494 683100
22 Wycombe End, Beaconsfield,
Buckinghamshire, HP9 1NB
www.2hwealthcare.co.uk
2hWealthcare LLP is a limited liability partnership registered in England and Wales. Registration No. OC302357. Authorised and regulated by The Financial Conduct Authority