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Become your clients
auto-enrolment lifelineDavid Roderick
Development Director
Todays agenda
• What is auto enrolment
• Who are Johnson Fleming
• The market
• Worth getting involved?
• The Managed auto enrolment service
• What it costs
• Questions
Introducing Johnson Fleming
EVERY EXISTING CLIENT HAS
CHOSEN US TO MANAGE THEIR
AUTO-ENROLMENT PROJECT
What qualifies us?
Combined pensions experience of 65 years
Staged over 75,000 employees
Completed over 700,000 assessments
Sent over 126,000 auto-enrolment communications
“We completed a full market
review and decided to work with
Johnson Fleming because their
managed auto-enrolment
service works” House of Fraser
The auto enrolment legislation introduces 32 new employer responsibilities
1. Employer duties and defining the workforce2. Getting ready3. Assessing the workforce3a. Postponement3b. Transitional period for DB and hybrid
3c. Having completed the assessment4. Pension schemes5. Automatic enrolment process
6. Opting in, joining and contractual enrolment7. Opting out8. Safeguarding individuals9. Keeping records10. Information to workers11. Automatic re-enrolment
52 separate guidance notes
Auto Enrolment Market Summer 2014:
28,00030%
Auto Enrolment Market Staging: 2015
45,000
Auto Enrolment Market
Staging: 2016 onwards
500,000 +
Auto Enrolment Market Staging
400,000 + New start ups each year
Secondary market – 35% already staged reviewing
Staging: July 2017 onwards
An essential part of the advisers toolkit?
So how is it going?
Regulator conducted over 900 investigations – 58% contained breaches
Data from insurance company suggests over 90% of uploads are incorrect
Has take 196 actions against employers inc fines
Worth getting involved?
protection/acquisition
A business opportunity?
In the recent NEST survey of SME’s 74% ofthose questioned stated that would belooking for advice.
There are 45,000+ employers due to stagenext year so that is 33,300 + employerslooking for your help!
A new income source: Advisory services
Pre enrolment package – (£750)
• Employer obligations• Staging date• Multiple staging dates • Assess existing pension scheme(s)• Establish a new qualifying arrangement • Assess workforce and provide cost analysis • Auto enrolment checklist
Set up support (£750)
• The most appropriate AE structure for your business
• PAYE & Payroll groups
• The use of postponement
• Communication options
• The right pension scheme
• Use of salary sacrifice
• Your certification basis
• Payroll data, mapping and uploading
Additional (£1200+)
• Group presentations
• Pension surgery
• Transfers
• Governance
• Wealth management
• Funding options
A new income source: Johnson Fleming Managed Auto Enrolment service
Typical client*
£800 in year 1
£463 p.a. thereafter for lifetime of contract
* Assumes set up fee plus consultancy on scheme selection, monthly payroll and single staging date.
With a target audience over 600,000 in 2015/16
So if you sign up 10 clients
JF MAES - £8,000 initial + £18,520 renewal
Advisory - £27,000 initial + 48,000 renewal
Total: £35,000 + £66,520 renewal
With a target audience over 600,000 in 2015/16
So if you sign up 25 clients
JF MAES - £20,000 initial + £46,300 renewal
Advisory - £67,500 initial + £120,000 renewal
Total: £87,500 + £166,300 renewal
Become your clients
auto-enrolment lifeline
Managed Auto Enrolment Service
• Project management
• Data validation
• Assessment & categorisation
• Communications
• Opt out & in
• Update payroll & provider
• Register
• Audit and record keeping
The fact find
What does it cost?
• Initial set up £1065
• Ongoing administration £2,312 from staging date (£193 pm)
Optional fees - Consultancy
• Source a qualifying scheme £625
• Assess existing scheme for suitability £625
• Advice on salary sacrifice £625
• Advice on certification option £690
• Advice on staging date harmonisation £625
Potential Additional fees -Administration
• Employer & employee helpline (per annum) £300
• Multiple staging dates £815
• Multiple payrolls £460
• Weekly – Based upon employee numbers & turnover
Q & A
Thank you for listening
Johnson Fleming Group Limited is authorised and regulated by the Financial Conduct Authority (FCA) as a firm of Independent Financial Advisers (IFAs) and our FCA permittedbusiness activity is advising and arranging life insurance, pensions, investments and general insurance contracts. Johnson Fleming Group Limited is not authorised and regulated by the FCA for the delivery of auto-enrolment services provided to support an employer to fulfil their legislative obligations and responsibilities in respect of Workplace Pensions legislation which is governed by The Pensions Regulator.
The content of this presentation is intended solely for the use of the recipient to whom it is addressed. Any disclosure, reproduction, copying, distribution, or other dissemination or use of this communication is strictly prohibited.
• If you have any doubts as to whether the content of this report meets your needs you should seek independent advice, which can be offered by Johnson Fleming on request. Johnson Fleming reserves the right to charge additional fees for financial advice services.
• The content of this presentation is provided for information purposes only and is based upon our experience and understanding of the financial services market place at this time. The content should not be viewed as financial advice, but is intended to provide an overview of possible considerations or options.
• The information contained within this presentation should not be viewed in isolation and is based on Johnson Fleming Group Limited’s views and understanding of current UK legislation, which is subject to change, and should be read in conjunction with other relevant literature which is available within the public domain. The views or opinions expressed within this promotional material are based upon our experiences of the financial services market place at this time.
• Whilst Johnson Fleming take responsibility to ensure that the information contained within this promotional material is accurate and up to date, we do not accept any liability for any errors or omissions. If you are in any doubt as to the validity of information made available, we recommend you seek verification by contacting us.
• Johnson Fleming Group Limited is authorised and regulated by the Financial Conduct Authority (FCA Register number 599255, see http://www.fca.org.uk/register for registration details) and registered in England and Wales No 06272390. Johnson Fleming Limited (FCA 215110), Johnson Fleming Administration Services Limited (FCA 480883), Johnson Fleming Services Limited (FCA 606750) and Johnson Fleming Future Life Planning Limited (FCA 624599) are Appointed Representatives of Johnson Fleming Group Limited.
• Johnson Fleming Group Limited is a firm of Independent Financial Advisers (IFAs) and our permitted business activity is advising and arranging life insurance, pensions, investments and general insurance contracts.
• Registered Office: Johnson Fleming Group Limited, Fleming House, Bromsgrove Enterprise Park, Bromsgrove B60 3AL.
• Johnson Fleming is not authorised as employment law specialists, tax advisers or advisers to pension trustees. You should take specialist legal advice on tax matters, employment law issues and before embarking on any change or entering into any discussions with trustees.
• Johnson Fleming Group Limited is not authorised and regulated by the FCA for the implementation, maintenance and ongoing development of group pension scheme administration and management software. inform+equip™ © 2014 Johnson Group Fleming Limited. All rights reserved. No part of the promotional material relating to inform+equip may be reproduced or transmitted in any form or for any purpose without the express permission of Johnson Group Fleming Limited. The information provided relating to inform+equip may be changed without prior notice.
• Johnson Fleming Group Limited is not authorised and regulated by the FCA for the delivery of auto-enrolment services provided to support an employer to fulfil their legislative obligations and responsibilities in respect of Workplace Pensions legislation which is governed by The Pensions Regulator.
• Where Johnson Fleming has not been formally appointed as advisers for the group pension scheme we take no responsibility in respect of the suitability of the product, including but not exclusive to the investment management and charging structures.
