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Workplace Pensions – What’s It All About?

Workplace Pensions – What’s It All About?. Steve Torbet Consultant November 2016. When will I get my state pension?. * Transition is gradual depending on exact birthday. Source:http://www.nidirect.gov.uk/calculating-your-state-pension-age?source=most-popular. OPT IN Employer contribution

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Workplace Pensions – What’s It All About?

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  1. Workplace Pensions – What’s It All About? Steve Torbet Consultant November 2016

  2. When will I get my state pension? * Transition is gradual depending on exact birthday Source:http://www.nidirect.gov.uk/calculating-your-state-pension-age?source=most-popular

  3. OPT IN Employer contribution (Non-eligible jobholder) OPT IN Employer contribution (Non- Eligible jobholder) OPT IN Employer contribution (Non-eligible jobholder) Who needs to be auto enrolled? Entitled Workers Non-eligible Jobholders Eligible Jobholders 75 OPT IN No employer Contribution (Entitled Worker) SPA (state pension age) AUTO-ENROL (Eligible jobholder) QUALIFYING EARNINGS (QE) 22 Earners 16 £5,824 Qualifying Earnings Threshold £10,000 Earning Trigger £43,000 Upper Limit

  4. SS How much will it cost? 1%jobholder 3% jobholder 5%jobholder Phasing 1%employer 2%employer 3%employer Large employers Mediumemployers Small/micro employers New PAYEs Staging Oct 2012 April 2014 Aug 2015 May 2017 Apr 2018 Apr 2019

  5. Illuminating advice Learning from experience • “I should have started planning earlier” • If you don’t know your staging date, check it out soon! • A good payroll solution will make a big difference • Don’t imagine everyone will opt out • And please dont encourage staff to opt out • Postponement has been used by many employers but • People will opt-in during the postponement period • Employee communication to the workforce is critical

  6. You should not view any of the information contained within this presentation as advice. • damgoodpensions.com and DAM are the trading styles of Davidson Asset Management Ltd • This presentation represents our present understanding of current legislation and HM Revenue & Customs practice which may be subject to change • Please remember that current tax benefits depend on individual circumstances and rates of tax relief may be altered or withdrawn without notice. • Auto enrolment is not regulated by the Financial Conduct Authority • Davidson Asset Management Ltd is authorised and regulated by the Financial Conduct Authority • The value of investments may go down as well as up and are not guaranteed. www.damgoodpensions.com

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