Guide: day-to-day tasks — can your system manage?
This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. As well as highlighting what is required from a system to ensure it is up to the tasks, an overview of the following is also provided: data validation; data categorisation; employee communication; opt-in process; opt-out process; produce contribution schedule; contribution reconciliation process; upload of member data to pension provider; upload contribution to pension provider; manage salary sacrifice process; enrolment process; re-enrolment process; and management of increased employee queries.
Almost two thirds of pension schemes think the Government’s guidance guarantee will not provide savers with enough support, according to a survey by Mercer. In March’s Budget, Chancellor George Osborne announced that savers would be able to take their entire pension pot as cash once they reach 55. Alongside this he pledged that everyone would […]
Royal London has scrapped its single-tie annuity referral deal with the Prudential and introduced an open-architecture web portal allowing retirees to shop around with ten different providers. Money Marketing revealed last week that Royal London was reviewing its commercial tie-up with the Pru in the wake of this year’s Budget. Royal London has not removed commission, however, […]
Johnson Fleming has launched its new managed auto-enrolment service, designed to support SME businesses of up to 250 employees. The managed auto-enrolment service is not just about providing businesses with a software system for them to manage themselves, but more about outsourcing the administration of the project and scheme to Johnson Fleming’s auto-enrolment staff.
For the past few weeks I have been considering how the proposed new rules for applying inheritance tax to relevant property trusts (broadly discretionary and flexible trusts) would apply, first to trusts created on or after 7 June, and then before that date. I am going to continue with the consideration of the latter category. I […]
This week’s Budget looked as if it would be a difficult one for the Chancellor, with disappointing economic numbers and the need to avoid ruffling feathers ahead of June’s in/out referendum. Nevertheless, Mr Osborne did spring a few surprises, including some tax reductions. So how does this budget affect you? If you are – or […]
The rise of ethical funds and sustainable investment brings into question just how broad and subjective the space can be One of 2018’s most-used buzzwords in investment has been “ethical”. The rise in popularity of environmental, social and governance investing has been widespread, and in 2017 more than £1bn of net retail money flowed into […]
The Personal Investment Management and Financial Advice Association has published an updated version of its Mifid II feedback template and guide. Both documents jointly authored with the Tax Incentivised Savings Association were originally issued for industry comment in June 2018. The updated template and guide reflect the feedback received from Pimfa’s product governance and template testing working groups. […]
Legal and General Assurance Society has apologised to a client for making repeated mistakes in the information it gave about the amount of tax free cash he could take. In a ruling from The Financial Ombudsman Service, Mr M complains L&G’s errors resulted in the need for him to return funds and caused him “significant trouble” and […]