Wealth Aspirations posses expertise in Auto-Enrolment. We specialise in advising upon, implementing, and managing Auto-Enrolment Schemes for employers.
How Do We Do it?
- Meet the Employer (usually director's / HR dependent on company size)
- Gather information on workforce.
- Set your budget.
- Work out the most cost-efficient contribution process.
- Discuss the limitations of different schemes and different options.
- Present the chosen scheme and disclose the costs of the scheme.
- Implement the scheme and introduce it to the workforce.
- Each year we review the scheme to ensure that you continue to comply with any changes in legislation and or the scheme.
We will ensure that your company complies with government legislation, minimises cost, and delivers the ‘best value’ and 'best outcome' to your workforce.
We can also advise upon existing schemes you may have in place. Sometimes it is preferable to keep the existing scheme, sometimes it is optimal to have different schemes for different employees.
Administrating New/ Existing Schemes
Through experience in dealing with a range of schemes we have developed tools which allow us to cater for issues such as weekly payrolls, transitional workforces, multiple sites, overseas nationals etc.
Often Payroll Software is required to run schemes effectively and in a compliant manner, we will provide access to the software that can interact with your current payroll. This will save the cost and time involved in amending your current payroll system. We have established strong ties with the major Auto-Enrolement scheme providers, we can facilitate schemes which can help dramatically reduce pension costs through gradually ‘phasing’ in the level of required contributions should this be required.
We aim to provide a scheme in advance so that the GO BUTTON can be pressed when the scheme is due to commence. More than 6 months is the preferable time period.
- How much does it cost for the scheme recommendation and implementation?
Initial Costs are £3,000-£10,000. We charge a 50% deposit of implementation costs. We are contracted to the client and implement the scheme; the work commences 6 months from the staging-date, which is when the balance is due.
Ongoing: We charge 50% of implementation cost annually until the employer terminates our relationship. We can accept payments on a monthly basis. A full review of their arrangements at a later time will be on the same basis.
- Are there any discounts?
We increase charges if there are less than six months to the staging date and decrease charges if the employer comes to us more than six months before staging date.
- Do you offer any non-pension products as part of an employees benefit package?
Yes, Group Protection and Key Person (Key-Man) insurance.
- Do you offer advice to individual employees?
We can offer advice to individual employees but this is an area we usually discuss as there are pro's and con's for each employer based on their needs.
- Do you offer advice to directors?
We nearly always find that there are other planning opportunities and we offer a free-review of each directors finances including looking at any existing investments, pensions, mortgages and life assurance / insurance policies.
- Do you offer advice on other employee benefits
Yes. It could be salary-sacrifice, group critical illness cover or private healthcare, in fact whatever your needs we can advise on a solution.