Auto Enrolment Solutions for the Voluntary and Community Sector
If you employ one or more workers you have to put them into a pension scheme, if they meet certain criteria. Every employer has new legal duties to help all workers save for their retirement. Between now and 2018 all employers will have to automatically enrol all eligible employees into a qualifying pensions scheme and make contributions to their plan. Our article 12 Things You Need to Know about Workplace Pensions and Auto Enrolment can help you understand the changes.
MSFS’s Auto Enrolment Solutions can assist voluntary and community sector employers with their duties and obligations under the new law.
MSFS is a joint venture company formed on 1st October 2013 between Moore Stephens Chartered Accountants NI and Kerr Henderson (Financial Services) Ltd.
Moore Stephens Chartered Accountants NI has been providing financial services for 25 years to private and corporate clients throughout its network of five offices in Northern Ireland.
Kerr Henderson (Financial Services) Ltd is part of the Kerr Henderson Group: it is a family - owned business established in Belfast in 1962 that, over the past 50 years, has provided impartial financial advice to private and corporate clients.
MSFS advise on all types of pension schemes and employee benefits, from small organisations to schemes with thousands of members.
Streamline “Good to Go” Solution
This is a streamlined packaged solution which offers a competitively priced contract for small and medium sized organisations (5 – 250 employees) who meet certain criteria. This solution is offered in partnership with a leading pension provider, who has been selected following an extensive selection process taking into account financial strength, capacity, competitiveness of pricing, reputation and capability of systems and processes. This option not only allows organisations to meet automatic enrolment obligations but also provides guidance throughout the scheme set up, compliance and ongoing governance support.
The MSFS “Good to Go” solution provides a cost effective alternative to other Bespoke Solutions; however organisations can also choose to add ancillary services and benefits such as employee presentations and one to one meetings if necessary.
After reviewing an organisation’s circumstances and requirements MSFS will make an appropriate recommendation after independently researching the market on their behalf. The tender process will be tailored to reflect the specific background and objectives of the organisation, thus ensuring the very best solution.
Working with National Employment Savings Trust (NEST) or Equivalent Providers
NEST is a qualifying pension scheme established by law to support the introduction of automatic enrolment. NEST Corporation is the trustee body that runs NEST. It's a non-departmental public body (NDPB) that operates at arm's length from government and is accountable to Parliament through the Department for Work and Pensions (DWP). NEST is bound by a public service obligation to provide a solution to employers regardless of the make-up of their workforce. It can be used as a sole solution for auto enrolment or as an entry-level scheme aimed at facilitating those with low to moderate earnings.
There are (so far) three main schemes that have been set up an alternative to NEST. These are The Peoples Pension, NOW and The Workers Trust. All are multi-employer, defined contribution schemes with different features and charging structures. MSFS can recommend the provider most suited to an organisation, advise on design, implementation and management of the scheme to ensure that the high level decisions you must make will not create unintended personnel, administration, payroll and or financial consequences for organisations and/or employees.
If you wish to contact NICVA to discuss please email [email protected] or if you wish to seek further advice you can contact MSFS directly:
Senior Corporate Consultant
028 9068 6163
Senior Corporate Consultant
028 9068 0625
But before you do please check your staging date: http://www.thepensionsregulator.gov.uk/employers/tools/staging-date.aspx
Where can I get more information?