An international distributor of Pest Control products based in the North of England with over 150 employees, including a UK wide sales team - engaged Panoramic Wealth Management to arrange and administrate their Auto Enrolment scheme to complement their existing pension arrangements - also managed by Panoramic.
As a long standing client of Panoramic, we had the advantage of already being sympathetic to their business culture and requirements.
How did we help them with their Auto Enrolment journey?
We entered into a programme of communication with the business to ensure that they were fully aware of their duties, the implications of having multiple pension schemes in place and whether they were suitable for an Auto Enrolment (AE) solution.
There followed an assessment of their existing pension arrangements in conjunction with the insurers to assess their suitability for AE, whether the insurer accommodate AE and how. We also looked at the terms available and default investment funds. Then, we assessed the companies requirements of AE compared to their existing scheme in terms of service eligibility and definition of earnings.
Panoramic managed the changes to the existing pension and payroll so that everything was in place for the 1st May 2014 staging date.
We also co-ordinated with the company’s in-house HR and payroll departments to set up the pension scheme on the existing payroll system - thus enabling the appropriate deductions from salary to be made.
Importantly we communicated with the employees prior to the pre-Staging date - including on-site presentations and video conferencing. Employees were then aware of the changes, when they would take effect and the pension scheme they would be enrolled into if appropriate.
Finally, at staging date we undertook a formal assessment of the workforce and relevant communications were issued to all employees. Pension Scheme Registration followed.
We continue to offer and provide ongoing assistance and support for both the HR and Payroll departments to ensure the employer maintains compliant with the legislation.
To learn more about how Panoramic Wealth Management can help you complete your Auto Enrolment journey contact us now on 01892 559 555.