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Time Financial Presentation To HR Directors

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TIME is a trading style of Premier Financial Protection Ltd, an authorized and regulated financial services company with over 30 independent financial advisors across the UK who provide advice to both individual and corporate clients ranging from small to large businesses on pensions, financial protection and employee benefits. The document discusses the challenges facing the UK pension system and the government's Pension Auto-Enrollment program, which will require employers to automatically enroll eligible employees into a workplace pension scheme. It also addresses some of the reactions employers may have and considerations around being prepared for and gaining value from auto-enrollment.

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Time Financial Presentation To HR Directors
About time A trading style of PFP Founded in 2000 Over 30 IFAs One of the largest IFAs in the UK Over 10 years experience providing across the UK advice to business Over 100 corporate Advice to Companies clients ranging from Advice to Directors SMEs to Multi-national businesses Advice to Employees www.timefinancial.co.uk www.pfpifa.co.uk TIME is a trading style of Premier Financial Protection Ltd, which is authorised and regulated by the Financial Services Authority and is entered on the FSA register under reference number 226676
The big picture When pensions were introduced in the early 1900s there were 22 people of working age in Britain for every retired person. In 2024 there will be less than three. (Source: Office of National Statistics) British State pensions as a percentage of wages are the lowest of all of the G7 countries (Source: Phil Mullan, The Imaginary Timebomb)
The Response? Pension Auto-enrolment
Pension auto-enrolment The headlines 1. Each employer will, from its Staging Date be required to auto-enrol eligible jobholders into a qualifying workplace pension scheme 2. As a minimum contributions are required to be made by both the employer and employee based on qualifying earnings or the published alternative requirements (7% where pay is fully pensionable, 8% where pensionable earnings make up at least 85% of total pay and 9% of pensionable earnings however defined) 3. All employees must be opted in (aged between 22 and state pension age earning above the tax personal allowance) 4. Employees that opt out must be automatically re-enrolled every three years. 5. Nest is a government created qualifying scheme. Nest target market is small employers. 6. Risks of employer delay: 1. Non compliance 2. Capacity issues 3. Payroll changes/scheme admin 4. Cost uncertainty 5. Employee communications
The Reaction? Those who believe employee benefits and engagement are good ..and those that dont! for business Proactive Reactive Who? What? Why? Cost? Value When? Time for support Time for help
Every business that provides employee Finding time benefits should ask itself one question - Why do we provide this benefit? Answer: 1. Because we have to. 2. For other reasons Employee engagement Do your employees value their non-pay benefits? Employee Benefits Is staff retention and turnover important to you? Pension auto-enrolment is coming Are you prepared?
Finding time Total Reward Statements Employee Engagement Employee communication plan Do your employees value their non-pay IT platform benefits? Employee surveys Scheme review and recommendation Employee Benefits Implementation plan Is staff retention and turnover important to Salary exchange you? Perks and discount scheme Scheme selection Implement and register your Auto-enrolment scheme Are you prepared? Scheme governance Administration
Employee engagement.A Fad? www.bis.gov.uk/files/file52215.pdf
Growth Opportunity to grow Opportunity to develop Us At work do my opinions seem to count? Are my co-workers committed to doing quality work? Me Is it clear what is expected of me? Understanding how my job contributes to helping the companys success Is there someone at work who encourages my development? Foundation Whats the deal? Whats the environment?
About you So why do you provide employee benefits? Have to Want to
Time Financial Presentation To HR Directors

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Time Financial Presentation To HR Directors

  • 2. About time A trading style of PFP Founded in 2000 Over 30 IFAs One of the largest IFAs in the UK Over 10 years experience providing across the UK advice to business Over 100 corporate Advice to Companies clients ranging from Advice to Directors SMEs to Multi-national businesses Advice to Employees www.timefinancial.co.uk www.pfpifa.co.uk TIME is a trading style of Premier Financial Protection Ltd, which is authorised and regulated by the Financial Services Authority and is entered on the FSA register under reference number 226676
  • 3. The big picture When pensions were introduced in the early 1900s there were 22 people of working age in Britain for every retired person. In 2024 there will be less than three. (Source: Office of National Statistics) British State pensions as a percentage of wages are the lowest of all of the G7 countries (Source: Phil Mullan, The Imaginary Timebomb)
  • 4. The Response? Pension Auto-enrolment
  • 5. Pension auto-enrolment The headlines 1. Each employer will, from its Staging Date be required to auto-enrol eligible jobholders into a qualifying workplace pension scheme 2. As a minimum contributions are required to be made by both the employer and employee based on qualifying earnings or the published alternative requirements (7% where pay is fully pensionable, 8% where pensionable earnings make up at least 85% of total pay and 9% of pensionable earnings however defined) 3. All employees must be opted in (aged between 22 and state pension age earning above the tax personal allowance) 4. Employees that opt out must be automatically re-enrolled every three years. 5. Nest is a government created qualifying scheme. Nest target market is small employers. 6. Risks of employer delay: 1. Non compliance 2. Capacity issues 3. Payroll changes/scheme admin 4. Cost uncertainty 5. Employee communications
  • 6. The Reaction? Those who believe employee benefits and engagement are good ..and those that dont! for business Proactive Reactive Who? What? Why? Cost? Value When? Time for support Time for help
  • 7. Every business that provides employee Finding time benefits should ask itself one question - Why do we provide this benefit? Answer: 1. Because we have to. 2. For other reasons Employee engagement Do your employees value their non-pay benefits? Employee Benefits Is staff retention and turnover important to you? Pension auto-enrolment is coming Are you prepared?
  • 8. Finding time Total Reward Statements Employee Engagement Employee communication plan Do your employees value their non-pay IT platform benefits? Employee surveys Scheme review and recommendation Employee Benefits Implementation plan Is staff retention and turnover important to Salary exchange you? Perks and discount scheme Scheme selection Implement and register your Auto-enrolment scheme Are you prepared? Scheme governance Administration
  • 10. Growth Opportunity to grow Opportunity to develop Us At work do my opinions seem to count? Are my co-workers committed to doing quality work? Me Is it clear what is expected of me? Understanding how my job contributes to helping the companys success Is there someone at work who encourages my development? Foundation Whats the deal? Whats the environment?
  • 11. About you So why do you provide employee benefits? Have to Want to