Practice Support
Auto enrolment

Auto Enrolment is an area most accountants and tax advisers would like to ignore. But with sizeable penalties and litigation likely for anyone failing to act, burying your head in the sand is not an option.

In most cases large and medium sized employers have already successfully staged, but processing the wave of micro businesses will be very different. Smaller employers are concentrating on the day to day running of their businesses and are more likely to want to park automatic enrolment with their accountant or tax adviser. Employers (and their advisers) must ensure they leave themselves plenty of time so that a compliant scheme can be put in place.
The two areas of greatest concern to advisers are telling employer clients which pension product to choose for their first employer pension scheme and then the administration of the initial registration of the scheme.
The key message when it comes to advising which scheme to go for is ‘don’t do it!’. Advising a client on which scheme they should use is outside the scope of the engagement for the vast majority of accountants and anyone offering advice could end up in serious trouble in years to come from employers and their employees: some are suggesting it will be ‘the next PPI’.

AE start up pack £299 per employer

At PTP, we have worked with a leading Financial Advisers firm to develop an Auto Enrolment start up pack to solve these two problems.

The pack offers a full review of which pension scheme the employer should use along with a formal report and conclusion, taking away the need for the accountant to advise (or make decisions without advice) and giving confidence to the employer that they (and the accountant) are protected against subsequent claims from disgruntled employees that they didn’t consider the options properly at the outset. The pack also includes the full registration of the pension scheme with the provider recommended in the report. All of the advice offered meets all regulatory requirements.

The registration process can prove to be time consuming (taking up to a day of chargeable time) and the potential to make mistakes is large, especially for those not familiar with the pensions world.

Once this work is done, however, advisers say that, for most micro businesses, the worst is over.

The AE start up pack allows you to move this work off your desk without fear of failing to support your client and without the risk of losing your client to other advisers if you outsource.

The full cost of the AE start up pack is £299 per employer and can be arranged via the PTP interactive team.

To book a time for the work to be done or for further information, email or telephone 01327 317610.

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