Page 9 - MarketTimesDecember2016
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  Market Times • December 2016
MEMBER SERVICE
NEW — NMTF members get a discount
at the Workplace Pension market stall Are you ready for auto-enrolment?
   What does it mean to you?
You may have seen the Government campaigns — perhaps you remember the BIG multi-coloured creature walking through the park trying to get everyone’s attention?!
The NMTF has remembered on behalf of its members and has partnered with a leading specialist auto-enrolment and pensions provider to make it easy for you to PPPPPICK UP A PPPPPENSION with its specialist team led by its own special creature — PPPPEGGY THE PENSION PENGUIN (see advertisement page 27).
Every employer with one or more employees has to do something about workplace pensions. Planning for retirement is key to each and everyone of us and that is why the Government
has made it law for employers to comply.
The Government can no longer afford to keep us all in retirement and it needs us all to plan for it ourselves, and has made it compulsory for all employers to comply from their given
staging date.
Carey Pensions is here to help, so let’s go
through it step by step:
1 — Do you know your staging date?
If YES — great!
If NO then go to: http://www.thepensions regulator.gov.uk/employers/staging-date.aspx.
Have your PAYE reference ready, fill in a few simple details and you will find the date.
As the employer you can choose to POSTPONE for three months, but this does NOT mean you can postpone the setting up of the workplace pension.
It simply means you can choose to postpone making the employer first contribution. But you have to tell your workers that you are postponing, and if you don’t tell them you will be made to make the contributions back to the staging date.
2 — Establish your workplace pension
As a member of the NMTF you can do it online — and the sooner the better.
The NMTF has an exclusive arrangement with Carey Pensions to set up your workplace pension.
For a one-off establishment fee discounted for members to £350 (for non-members it’s £500) you can be compliant TODAY and have a qualifying workplace pension scheme ready well in advance of your staging date.
Establish today — go to the NMTF website — www.nmtf.co.uk — and click on the Workplace Pension logo.
3 — Assess your workers and communicate
If you have one or more workers (even if they are ZERO hour contracts) you must assess and communicate with them.
The team at Carey Pensions
They will be categorised in one of three categories:
Category 1 — eligible.
These workers MUST be automatically enrolled into the workplace pension scheme and the minimum contributions must be paid in. The workers have 30 days to opt out if they want to. If they do then you the employer must automatically enrol them every three years. Category 2 — non-eligible.
These workers will NOT be automatically enrolled but they to have the option to opt in, and if they do you the employer MUST make the employer minimum contribution as well. Category 3 — entitled.
These workers will NOT be automatically enrolled but they too have the option to opt in, and if they do you the employer DO NOT have to make any employer contribution.
Don’t be on the Pensions Regulator’s radar
The Pensions Regulator has just announced that the number of enforcement notices and fines for non-compliance have almost quadrupled in the last few months. Fixed fee fines of £400 and enforcement penalty notices of between £50 and £500 per day are now being issued to firms that have not done anything and should have. DON’T BE ONE OF THEM.
The NMTF understands the importance of
complying with this legislation and wants to make it simple and cost effective for its members. This has led to the establishment of the partnership with Carey Pensions to provide workplace pensions so that you can concentrate on your business and not have to worry about non-compliance.
Carey Pensions are:
• based in Milton Keynes
• providing support and help directly to
employers and workers
• a leading pensions administration company
providing pensions to over 60,000 workers
• provider of an award-winning workplace
pension scheme
• client focused
• providing an online sign-up service
• providing a discount to NMTF members
Stay ahead of the game — come to our market stall and PPPPICK UP A PENSION WITH CAREY PENSIONS TODAY!
PPPPEGGY THE PENSION PENGUIN and her team are here to help.
Contact us on: 0330 124 1510 and ask for our on boarding team.
Or go direct to www.nmtf.co.uk and go to the workplace pension section or sign up directly via this link: www.directautoenrolment.co.uk/referrer/NMTF
 What are the minimum contribution levels?
The government has phased the increase in minimum contribution levels over the next three years, to make it easier for smaller firms.
     Year
Total Minimum
Employer Minimum
Employee Minimum
2017
2%
1%
1%*
2018
5%
2%
3%*
2019
8%
3%
5%*
       *This includes the 20% tax relief paid by the government into the employer’s pension pot
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