28 August 2014

Auto-enrolment workplace pensions - all employers have to be in

During late June and July, BPIF Pension advisor, Meridan Financial LLP held a number of informative seminars for BPIF members at our regional offices. Meriden Financial are are appointed advisers to the Printing Industries Pension Scheme (PIPS) and Authorised and Regulated by the Financial Conduct Authority. Members had the opportunity to interface with industry experts. Topics covered and discussions included:

Employer Duties - From ensuring payroll systems in place, providing statutory communication to employees to ongoing eligibility assessments and registration with the Pensions Regulator

Eligibility Assessments - Categories of employees from eligible, entitled and non-eligible

Pensionable pay and contributions levels - From band-earnings, 85% of full pay, to basic pay or full pay

Postponement - Scheme postponement to postponing employees from new joiners, temporary workers to zero-hour contracts

Salary Exchange - Reducing employer costs to changes in employment contracts.

The most discussed topic was the various contribution levels and pensionable pay options and costs. Although, even selecting a qualifying pension scheme while pension providers begin to reach saturation point increasing costs to SMEs, made it apparent that early preparation is key.

To date, Meridan have helped enrol 42 BPIF members.

For more information, please contact your Regional Director.