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auto enrolment blog

Pension auto enrolment is fast approaching for companies of all different sizes. No doubt many of you will have got your pension company or adviser working on this for you but have you thought about what you might do about any associated Group Protection scheme that are linked to pension membership such as Group Life Assurance or Group Income Protection.

You may or may not be aware that the auto enrolment legislation only applies to pensions and not to any associated or linked products such as group protection. However many companies are considering expanding out these types of schemes so that they will include the auto enrolment members. For some this is a step too far due to cost but the options provided can be very flexible so that you can offer at least some form of benefit to the new members whilst still ring fencing the existing arrangements.

An example of this for group life is to keep whatever salary multiple that you have for the existing pension members and provide a flat benefit for the new auto enrolment members. I have provided quotes to companies on a flat benefit if £10,000. This is a token amount that will pay for the expenses associated with a sudden tragic event such as undertakes and funeral costs. It is not a life changing amount but it will at least help in this traumatic period.

One thing I would say is that your pensions broker will do a great job hopefully with your pension but may not do the same meticulous review of the protection. Health Matters do not deal with pensions so can really scrutinise the options and schemes available. We also do have partners who can help with your pension too if you are not satisfied with the service you are currently getting.

I have attached a table below with the time scales for Auto Enrolment as it is now.

Number of Employees     Staging Date
More than 800                    1st October 2012 to 1st October 2013
250 to 799                         1st November 2013 to 1st February 2014
50 to 249                           1st April 2014 to 1st April 2015
30 to 49                             1st August 2015 to 1st October 2015
Fewer than 30                     1st January 2016 to 1st April 2017

Please let me know you would like to talk about this in more detail as you can see from the above table the largest companies have to be doing it now but we should all be preparing to make sure we are fit for purpose!.

James Henson
Sales Director
02476 516 096

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