Ben_B0m, Author at Corinthian

21 March 2017

Warnings issued to employers who fail to meet their pensions obligations deadlines have risen by 143 percent.

The increase refers to the 870 Escalating Penalty Notices issued in the last quarter of 2016. This brings the total number issued since auto-enrolment began to 1,477.

In the same period, the number of Fixed Penalty Notices – where companies are fined £400 for failing to comply with a statutory notice or specific employer duties – rose by 42 percent. Compliance notices, issued if an employer has contravened an auto-enrolment duty, have increased by a quarter.

In its report, The Pensions Regulator said it expected to see a rise in the use of its regulatory powers with the rollout of automatic enrolment for small and micro employers.

“Small employers can become non-compliant because they are more likely to leave things to the last minute. But in most cases the nudge of a compliance notice is enough to get them back on track.”

17 March 2017

Spot checks are to be carried out on employers across the UK to ensure they comply with auto-enrolment duties.

The inspections are part of The Pensions Regulator’s (TPR) ongoing enforcement activity to ensure employers comply with auto-enrolment obligations and are meeting their pension duties correctly.

Employers TPR judges to be at risk of failing to meet their duties are being visited. As well as providing valuable insight into employer behaviour, the spot checks are to investigate any non-compliance. The spot checks are also there to help employers get back on track or take enforcement action where necessary.

The inspections also serve as a warning to employers. They will show that they cannot ignore the workplace pension and that deliberate non-compliance will not be tolerated.

Executive Director of Automatic Enrolment Charles Counsell has commented. Counsell said: “Auto-enrolment has been a great success so far with more than seven million people now saving into a workplace pension. It’s important employers continue to make contributions into their staff’s pensions. These spot checks make sure ongoing compliance is being maintained. It is not fair to staff if they do not get the pensions contributions they are entitled to by law. We take non-compliance seriously and will take enforcement action when we need to.

Mr Counsell added: “As well as investigating any non-compliance, these inspections will also help shine a light on employer behaviour. This will help us see why different types of employers fail and identify good practice that others can learn from.”

Employers are given a short period of notice before the inspection and will be from a range of business sectors including those at risk of failing to meet their duties, for example the hospitality and retail sectors.

The Department for Work and Pensions’ (DWP) are reviewing auto-enrolment feedback.

Auto-enrolment feedback is wanted on the existing and future coverage of employee engagement and contribution levels.

Employers, employee representatives, pension industry professionals, accountants, payroll staff, independent financial advisers, employee benefits consultants and the general public have until 22 March 2017 to respond.

The DWP, an external advisory group, will lead the 2017 review of automatic enrolment. They will seek to ensure that auto-enrolment continues to meet the needs of individual savers. But also that the technical operation of the policy is working as it was intended.

The government has released a set of initial questions relating to the review. The questions call for feedback across three core areas: coverage, engagement and contributions.

10 February 2017

Employers who ignore their auto-enrolment duties could end up with auto-enrolment fines as well as a bad credit rating after being handed a County Court Judgement (CCJ).

A small number of companies have been handed CCJs after failing to pay their automatic enrolment fines.

This can happen when employers persistently ignore penalty notices sent to them by The Pensions Regulator. Employers failing to pay within 30 days of receiving the CCJ, will have the details entered on their credit record. This means they will find it difficult to borrow money to invest in their business.

The report has the example of a removals firm who took two years to comply with their automatic enrolment duties. This was despite receiving two Fixed Penalty Notices (FPNs) and an Escalating Penalty Notice (EPN). It was only when TPR applied for a CCJ that the employer became compliant and paid their fines.

Charles Counsell, Automatic Enrolment Executive Director has commented.

He said, “A CCJ goes onto an employer’s credit record for six years, affecting their ability to get business loans.

“Burying your head in the sand and ignoring your legal duties means your staff are missing out on pensions they are entitled to. And also your credit rating and reputation could be hit.”

Between October and December 2,919 £400 Fixed Penalty Notices were issued, bringing the total since 2012 to 9,831.

The report flags the hospitality sector as an area at higher risk of non-compliance. The sector, which includes hotels, pubs and bars, has received a higher percentage of fines. This typically includes a large proportion of employees on non-standard contracts, which explains the higher proportion of non-compliance.

Small employers can become non-compliant because they are more likely to leave things to the last minute. But in most cases the nudge of a compliance notice is enough to get them back on track.

Counsell added, “Our message to small and micro employers has always been to ensure they leave enough time. But also be clear about what they will need to do to comply. We are here to help – but we will take action if an employer is wilfully non-compliant.

“There’s plenty of information on our website on how to assess and enrol people who work varying hours, so there’s no excuse not to comply.”

Recent research by YouGov found that auto-enrolment (AE) is fair and good. Surveys showed around 60% of SMEs think auto-enrolment is fair and good and should be applied to all employers. And more than two thirds (70%) of those that have staged think AE is a good thing for their employees.

The survey was conducted among senior decision-makers at SMEs that were aware of their business’s staging date. It also found the majority (51%) of SMEs that had already staged supported workers currently outside AE being brought in. The same percentage also supported the self-employed being brought in.

Lee French from Corinthian Affinity comments:

French said: “It’s great that the majority of companies are satisfied with the principle of auto-enrolment and its effect on their employees. However, there are clearly concerns with how it impacts on the business itself. If you want advice on how to minimise the disruption and red-tape, why not contact us for an informal chat?”

There was also reasonable support for compulsion amongst SMEs, with 43% of those that have already staged saying they thought all eligible employees should be forced to pay into a workplace pension, with no opt outs.

And 46% of SMEs that had already staged agreed that businesses had a role to play in minimising opt outs amongst their employees.

Are you about to stage for automatic enrolment?

Then why not attend our FREE seminar to learn everything you need to know about the process.

Entitled ‘Do you care about your staff?’, the seminar takes place on April 26 at the Hilton Hotel in Drake Way, Reading, from 9.30am to noon.

Robert MacGregor, MD of Corinthian Group of which Beaufort Consulting is part, will be speaking at the event. The schedule for the day will follow shortly.

Did you also know that 40 per cent of small business owners agree that they tend to leave implementing Government legislation, whatever it is, to the last minute?

In fact, 1 in 5 employers now miss their Pension Auto-Enrolment staging date altogether and risk being fined.

Beaufort Consulting help real companies and their employees make the right decisions, in order to achieve their pension and benefit goals. Because every business is different Beaufort Consulting don’t just offer a one-size fits all product.

Beaufort Consulting will help you choose the right package for your company which includes:

A fully compliant auto-enrolment service
Comprehensive UK based implementation support
To reduce your employees’ net costs by 12%
Presentations and individual consultations
5* Defaqto rating and Master Trust accredited Qualifying Workplace Pension Scheme with a wide range of investment options

To secure your place email Danielle at [email protected]

Alternatively, call the office switchboard on 0118 987 9400.

3 February 2017

Corinthian Group has been shortlisted for the prestigious Corporate Adviser Awards 2017 in association with Scottish Widows.

We are delighted to announce that we are in the running for the ‘Best Adviser Auto-Enrolment Proposition’ title in the prestigious Corporate Adviser Awards.

Winners will be announced at the Awards ceremony on 28 February, at the Grange St Paul’s Hotel, London.

Lee French, Director, Corinthian Affinity Solutions Limited, commented. He said, “These awards aim to celebrate the brightest and the best in workplace financial services, and we are delighted to have been named among them.

“We work hard to understand our clients’ needs, offering pensions solutions in a transparent, cost-effective way which adds value for employers. This award nomination validates everything we try to achieve.”

Are you one of the 800,000 small businesses reaching their pensions auto-enrolment staging date this year? Why not have an informal chat with us?

We offer:

A fully compliant auto-enrolment service,
Comprehensive UK based implementation support,
To reduce your employees’ net costs by 12%,
Presentations and individual consultations,
5* Defaqto rating and Master Trust accredited Qualifying Workplace Pension Scheme with a wide range of investment options.

31 January 2017

Auto-enrolment is a bit of pension, but a lot of pensions admin

According to research carried out by the Pensions Regulator (tPR) 49% of employers have consulted an external adviser – usually their accountant or financial adviser – for auto-enrolment advice and 60% intend to. Of those, 31% will rely on their external adviser completely for advice and actions.

If you are one of these advisers, will you be able to cope? Are you confident that you will be able to guide your clients through the process every step of the way? Do you have enough manpower and time to cope with all the extra pensions admin?

Corinthian appreciates that pensions aren’t necessarily part of your core business, so we will offer as much support as you need, to solve all of yours and your clients’ AE problems.

You will benefit from one simple, all-inclusive, end-to-end solution to auto-enrolment including:

A Market-leading Qualifying Workplace Pension Scheme
Training and support at the outset and ongoing – both face to face and via a UK based helpline
Simplified bulk scheme registration and set-up
Payroll data integration support
One simple online process for assessment, communications and pension scheme reporting
Automated direct debit facility for collection of contributions
Declaration of compliance support and commitment to good governance
Advisor toolkit: once registered you will have access to all the materials you need to advise and educate your clients and their employees.

We improve people’s lives by making the complicated simple. E-mail us at [email protected] or call 020 3668 3999.4

26 January 2017

You’ve probably found that auto-enrolment has little to do with pensions and lots to do with administration, documentation, HR and payroll.

There are plenty of pitfalls along the way too, so you might need to ask yourself if you’re happy with the support you’re receiving from your adviser and your pensions provider, and how the auto-enrolment process itself is panning out.

What if you could have a FREE upgrade which could save you time, money and stress, while ensuring your staff can better plan for retirement?

We will provide our service at NO extra cost, and often with substantial savings over your current plan.

We also pledge

A fully compliant auto-enrolment service
To reduce your employees net costs by 12%
A massive improvement in your auto-enrolment pension and process
Fully compliant and seamless integration – less than 5 minutes per month
Comprehensive ongoing support with annual review
Dedicated Client Manager and experienced UK based support team
A 5* Defaqto rating and Master Trust accredited Qualifying Workplace Pension Scheme with a wide range of investment options
Enhanced employee engagement and appreciation

It all starts with a no obligation chat to show you how all of this can be achieved. E-mail us at [email protected] or call 020 3668 3999.

20 January 2017

Are you among the 800,000 small businesses set to reach their auto-enrolment staging date in 2017?

One in five companies are now issued with compliance orders after missing their deadline – don’t be one of them!

Make it your New Year resolution to do it properly and on time. Our top three tips are: choose the right scheme, use the best technology and be prepared.

Choosing the right scheme is vital as 9 out of 10 workers stay in their default pension fund when auto-enrolled. However, it can be tricky to compare schemes. Impartial financial research group Defaqto have produced a report ‘How to analyse auto-enrolment default funds’. Click here.
Use the latest technology to make auto-enrolment easier, reduce processing time and cut down on the potential for error. Technology can now be used to complete routine processes and integrate pensions with your existing systems.
Be prepared. If you’re among the 83 percent of small employers who’ve never offered a company pension before, it doesn’t have to be challenging just because it’s unfamiliar. Make sure you know your staging date. Check the Pensions Regulator (TPR) website if you’re unsure.

Why not allow us to take some of the pressure off? We will help you choose the right package for your company which includes:

A fully compliant auto-enrolment service
Comprehensive UK based implementation support
To reduce your employees’ net costs by 12%
Presentations and individual consultations
5* Defaqto rating and Master Trust accredited Qualifying Workplace Pension Scheme with a wide range of investment options

Why not see how you can benefit from the above with a free initial consultation?

Auto-enrolment doesn’t have to be daunting. Contact Corinthian Group Ltd on 020 3668 3999 or e-mail [email protected]