Auto-enrolment

Workplace pensions made easy

With business owners now being penalised for not having a workplace pension scheme in place, The Pensions Regulator has been back on the road reminding employers that workplace pensions are the law and they are enforcing it! Confusion between employers and advisers in relation to auto-enrolment is no excuse.

Leading up to your client's staging date they will have to:

•    Assess each member of their workforce, find who MUST be enrolled and who else is eligible to join 
•    Know which members of staff have to contribute towards their pensions and how much 
•    Review any existing pension arrangements they have in place to ensure they are compliant with new regulations 
•    Communicate these changes to their staff 
•    Choose a pension scheme 

At their staging date your client must:

•    Enrol their eligible workers 
•    Register their scheme with The Pensions Regulator 
•    Review every member of staff at every payroll run 
•    Contribute to their workers’ pensions 
•    Re-enrol every three years 

What happens if your client misses their staging date?

Enforcement actions range from office visits and statutory notices, to fines up to £10,000 per day and court proceedings.

How can we help?

TAM has partnered with key pension trustees and dedicated auto-enrolment administrators to help employers navigate workplace pensions, by providing them with a complete auto-enrolment solution that can be implemented in a few simple steps. These solutions will give you access to TAM’s professional investment management across a spectrum of portfolios encompassing mainstream, ethical and Sharia investment options.

TAM has three default offerings* for clients in auto-enrolment:

Default Balanced Portfolio
This default balanced portfolio comprises of investment vehicles including unit trusts, mutual funds and exchange traded funds (ETFs), whose managers aim to outperform their respective markets. Asset classes you could find in this portfolio are government bonds, corporate bonds, alternatives and cash. Absolute return, property and commodities may all feature within the alternatives classification. Default Balanced seeks to generate capital growth over the medium to longer term, with the aim of riding out short term fluctuations in value. The portfolio will have a balanced approach to equity exposure, typically comprising of 50% equity and 50% non-equity, though weightings may deviate within set parameters, allowing managers to react to market conditions.


Optional Ethical Balanced Portfolio
This optional ethical balanced portfolio comprises of socially responsible investment vehicles including unit trusts, mutual funds and exchange traded funds (ETFs), whose managers aim to outperform their respective markets. Asset classes you could find in this portfolio are government bonds, corporate bonds, alternatives and cash. Absolute return, property and commodities may all feature within the alternatives classification. Ethical Balanced seeks to generate capital growth over the medium to longer term, with the aim of riding out short term fluctuations in value. The portfolio has a balanced approach to equity exposure, typically comprising of 50% equity and 50% non-equity, though weightings may deviate within set parameters, allowing managers to react to market conditions.


Optional Sharia Balanced Portfolio
This optional Sharia portfolio comprises of Sharia-compliant investment vehicles including unit trusts, mutual funds and exchange traded funds (ETFs), whose managers aim to outperform their respective markets. Asset classes you could find in this portfolio are government bonds, corporate bonds, alternatives and cash. Absolute return, property and commodities may all feature within the alternatives classification. Sharia Balanced seeks to generate capital growth over the medium to longer term, with the aim of riding out short term fluctuations in value. The portfolio has a balanced approach to equity exposure, typically comprising of 50% equity and 50% non-equity, though weightings may deviate within set parameters, allowing managers to react to market conditions.

With more than 6.7 million employees now in a workplace pension, the scheme is being hailed as a huge success. So for those of your clients still searching for a solution, panic not. By working with our key partners your clients can be confident that they are adhering to their responsibilities while having access to TAM’s expert investment management and online delivery that’s fully compliant and ready to go. Help us to help your clients keep one step ahead of the regulator whilst securing a clearer future for their employees. Contact us to find out more and if you want to avoid those hefty fines, don't leave it too late!

*TAM offers the three core default offerings as mentioned above but has risk profiles across the Cautious to Adventurous range available under its auto-enrolment management programme. Please discuss with your client if their needs go beyond the default balanced products highlighted above. For more information please visit www.thepensionsregulator.gov.uk/.

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