Auto-enrolment: what does it mean for you? | Wilson Organisation

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December 11, 2012

Auto-enrolment: what does it mean for you?

Auto-enrolment: what does it mean for you?

Unless you’ve been hiding in a news-free zone for the past few weeks you will know Monday 1st October marked the start of ‘auto-enrolment’ for company pension schemes. But what does this mean for you as an employer, and you as an employee? Annabel Prow, CEO of The Wilson Organisation explains:

“Before Monday 1st October, if an employee wanted to be part of their company pension scheme they had to enrol. And of course this meant that lots of people never actually did it – perhaps because they never got round to it, didn’t understand it or simply couldn’t quite be bothered! With life expectancy increasing and people saving less into their pensions, the government is keen that we all take more responsibility for saving for our retirement.

“So, from now all employees that are eligible for a company pension scheme will be automatically enrolled.

“The 1st October represented the first wave for auto-enrolment, applying only to larger companies – those employing over 120,000 people, such as the big retailers and financial institutions. But the auto-enrolment will filter down relatively quickly and, by 2017, will relate to all businesses – even those that employ just one person. You can see the full timeline of implementation here: http://www.thepensionsregulator.gov.uk/employers/staging-date-timeline.aspx.

“Who counts as an eligible employee? The Department of Work & Pensions (http://www.dwp.gov.uk/) defines eligible employees as being between 22 years old and the state pension age. And they must be earning above the income tax personal allowance level (currently £8,105).

“If you are an employer, you will ultimately need to make a contribution of at least three percent per employee to a suitable pension scheme. And of course you will need to maintain pension provision for those employees who are already in a qualifying pension scheme. The cost implications of auto-enrolment are clearly substantial but, by taking some early action, you can at least plan more effectively for how you can manage your budgets and contributions.

“Many of our clients are taking quite a proactive approach to the new pension regulations and using it as a good opportunity to communicate with staff – as well as a powerful recruitment and retention tool.”

As an employer, it’s essential that you are ready for auto-enrolment and put in place the processes that will satisfy the Pensions Regulator. For more information on the requirements and the steps you need to take, please contact Annabel on 0115 942 0111 or by email: aprow@wilorg.com

Over 100 years of innovation

  • 1914

    A successful launch! The Wilson Organisation was founded in Nottingham by Harold Wilson and became the first company in the East Midlands to offer a comprehensive insurance policy to the region’s fast-growing band of automobile drivers. Innovation from day one.

  • 1920s

    During the 1920’s, Wilsons developed its commercial insurance offering under the stewardship of Harold Wilson. Hopping forwards 80 years, Wilsons has developed a number of industry specialisms including a particular expertise in the food and drink sector. We created a unique insurance offering called “FoodProtect” and, through this service, have been able to deliver intelligence and cost-effective insurance programmes to a broad spread of leading food producers. The best thing since sliced bread? Maybe not, but we’re working on it.

  • 1949

    John Prow joined Harold Wilson in the business, marking the first generation of the Prow family’s involvement in The Wilson Organisation. Wilsons’ clients included leading Nottingham firm Boots The Chemist plus a number of operators in the burgeoning railway sector. With post-war regeneration beginning apace, the firm’s fledgling construction expertise quickly developed into one of our leading offerings and this continues through to the present day, with clients including national and regional builders, developers, contractors, sub-contractors and architects.

  • 1960s

    The 1960s were the start of a new era for The Wilson Organisation. Harold Wilson and John Prow died on the same day in 1963, Harold of illness and John in a car crash. This left John’s son, John J Prow, to run the growing business at the age of 27. Under his youthful direction, Wilsons benefited from a new energy and direction. John J Prow, who had joined in 1960 in a new business role, led the move into our current premises at Wilson House in 1964 and then launched the financial services division in the following year.

  • 1990s

    The late 1990s heralded the start of the third generation of the Prow family’s involvement in the business. Managing Director Charlotte Prow joined in 1998, to be followed by the firm’s Chief Executive, Annabel Prow, in 2002. Product and service innovation continued apace with the launch of a corporate finance specialism in 1997, which continues to deliver valuable cost-savings and insights to the region’s dealmakers.

  • 2000s

    Now century on from the launch of The Wilson Organisation in 1914, the company continues to encourage innovation and reward good ideas. Within the financial services team, 2008 marked the launch of “Flex”, a powerful employee benefit programme and the development of “WRAP”, an investment tool with a unique level of investor control and transparency. Meanwhile, our insurance advisers worked quickly to bring to market a specialist insurance policy for insolvency practitioners.

  • 2010s

    2010 saw the launch of the Midlands Family Business Awards by Wilsons, the UK’s only independent not-for-profit Awards for family businesses. Now in their fifth year, the Awards have raised almost £20,000 for charities supporting families and young people. In 2014 we are celebrating Wilsons’ centenary, a significant milestone in Wilsons’ history.

Registered Office:
Wilson House, 1/3 Waverley Street, Nottingham, NG7 4HG

Registered in England Number 862690 - Members of British Insurance Brokers Association

Harold Wilson (Insurances) Ltd. and Harold Wilson Financial Services Ltd. are authorised and regulated by the FCA (Financial Conduct Authority)