I CB Pension Solutions Making Auto-enrolment SME Friendly I CB - - PowerPoint PPT Presentation

Impartial financial advice.

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I CB Pension Solutions – Making Auto-enrolment SME Friendly

I CB Pension Solutions (I CBPS)

Welcome from; The Institute of Certified Bookkeepers The Pensions Regulator Aviva plc LEBC

I CBPS

• A strategic partnership between The Institute of Certified Bookkeepers,

LEBC and Aviva plc

I CBPS

• Matthew Burrell, ICB
• Jeremy Leslie-Smith, The Pensions Regulator
• Duncan Singer, Aviva
• Sarah Foreman, Glynn Jones, LEBC

Agenda

ICB

• Creating PS

The Pensions Regulator

• Employer duties
• The importance of the bookkeeper

LEBC

• The advisory landscape
• The market for pensions
• The ICBPS solution

Agenda (continued)

• Aviva
• A quality scheme and compliance
• LEBC
• ICBPS - your complete solution
• Options available
• Logistics; how it works
• All; Questions and answers

Creating PS

Why ICBPS?

• Access to solutions
• Compliant
• Safety for clients and bookkeepers
• Opportunity to earn from solving problem
• Opportunity to grow your business

“You Have No Idea How Important You Are To Me”

Former Pension Minister, Steve Webb ICB Summit 2014

TPR; Employer Duties

• Scale of problem/opportunity
• Employer duties
• What happens if it goes wrong?

TPR; Bookkeepers

• The role of the bookkeeper; why so important?
• What can a bookkeeper do to help clients?
• What can a bookkeeper not do?
• It belongs to the bookkeeper
• Bookkeepers can solve……….

LEBC, The Market

Each employer needs to automatically enrol every eligible “worker” into a qualifying pension scheme But also………….

LEBC, The Market

• Needs to assess the workforce in terms of employee status –

employees / self-employed eg equity partners

• Provide all workers with information about their new pension rights
• Put into a scheme non-eligible jobholders who decide to opt in
• Offer those employees who are not entitled to be auto-enrolled the
• pportunity to join a scheme
• Advise all those who have been automatically enrolled they have

the right to opt out

• Refund contributions to those who have decided to opt out
• Register the qualifying scheme with The Pensions Regulator
• Automatically enrol those employees who have previously decided

to opt out (every three years)

• Re-register the scheme every three years

LEBC, The Market

• Traditional providers
• New “Master Trust” providers
• NEST
• NOW: Pensions
• The People’s Pension
• Others

I CBPS

ICBPS designed to serve all of your clients Straight through

• Basic pay
• Aviva’s Default Fund

Exceptions (Alternative Options)

• Existing scheme/s
• More complex
• Different contribution basis
• Different default fund

And…….Pension Freedom and Choice

Aviva

Full Market Review

• Proven
• Auto-enrolment
• Ability to ensure compliance with legislation
• Pensions Freedom and Choice

Helping your SME clients through Auto-enrolment

October 2015

• Demonstrating our commitment and expertise

a

High UK brand recognition We support customers at every stage

Awareness

34 million customers worldwide Significant financial backing £327bn funds under management

Strength and scale

Corporate responsibility at our core Trust and transparency Tackling climate change Community development

Values

Consistent recognition by industry experts Over 70 industry awards in 2014

Recognition

Over 300 years of history. UK’s largest provider

• f employer pensions

1 in 4 retiring DC pension customers has an Aviva pension Constantly developing our proposition

Expertise

Online quote Online Apply Shop front Introducers / advisers (enabling delegated setup and bulk deals) Direct (Google SEO) Scheme set up “Planning for auto-enrolment” Assessing what basis to enrol on Initial and ongoing compliance (æComply) Data links from Payroll Initial and ongoing monthly billing My Aviva for Employers Direct or Delegated access to compliance , scheme set up and service Live chat support Step-by step approach with online guides Employer Servicing Zone

Re-engineering the digital journey

• The complete digital journey
• Making auto-enrolment easier with a range of online tools and

delegated services a

Auto-enrolment planner Auto-enrolment modeller Auto-enrolment manager for employers Company pension quote and apply Employer servicing zone MyAviva for business

• Offering employers multiple benefits in one place

a

My Health Cash Plan for groups Auto-enrolment support Employee benefits platform Employee education and engagement sessions Private Medical Insurance Group risk protection Workplace pension schemes

• Making life easier through digital interaction

a

• Enabling choice through a full range of investment solutions

a

A full range of retirement

• ptions

Auto- enrolment defaults Robust governance 270+ Self- select funds Bespoke lifestages

• Future proofing - Providing employees with a range of

retirement solutions

a

Option one Withdraw all of the money Option two Take some of the money, as and when needed Option three Use some or all of the money to buy an income for life Option four Leave the money where it is and make choices later

• Our experience and expertise allows us to…

a

Understand the needs of small businesses Provide a wider range of benefits to advisers, employers and employees Offer a comprehensive and flexible approach

• Important information

a

This information is provided to you by Aviva Life Services UK Limited (“Aviva”), registered in England with company number 02403746 and whose registered office is at 2 Rougier Street, York, YO90 1UU. While the information provided by Aviva is believed to be correct at the date of issue, no express or implied warranty is given and Aviva will not be liable to you or any third party for any loss or damage, direct or indirect arising from (i) any inaccuracy or completeness in, errors or omissions in the information supplied to you or (ii) any decisions made or actions taken by you or any third party in reliance upon the information provided.

Aviva Life Services UK Limited. Registered in England No 2403746. 2 Rougier Street, York, YO90 1UU. Authorised and regulated by the Financial Conduct Authority. Firm Reference Number 145452. www.aviva.co.uk

I CBPS-Your Complete Solution

• An online auto-enrolment compliance and pension solution
• Guaranteed, quality, Aviva Group Pension for your clients
• Member communications included
• Automatic payment of pension contributions via file transfer
• Partnership and access to advice with auto-enrolment

experts - LEBC

• Partnership with largest UK insurer - Aviva plc
• Ongoing Governance

I CBPS

How it works

End to End

• Process from Application to Confirmation with Aviva should be

less than 5 minutes

• æComply Lite set up through to being able to run a compliance

check - 7 minutes

• Overall process - 12 minutes on average

These are the pages that bookkeepers will go to to get their information. Some of the information is

• nly available within the

secure pages of the website.

I CB Member Journey - Start

Member log in I CBPS Marketing

What is ICBPS? Who are Aviva? Who are LECB? Approach Letters Newsletters Next Steps What is auto- enrolment Assessment tool æComply Lite? Alternative options What if I use Sage/Quickbooks/ Xero as my auto- enrolment assessment software? Statement of terms and conditions Staging date in the past FAQs My client already has a pension scheme APPLY

Price

Cost matrix Descriptions (per employee number not per eligible jobholders) Statement of terms and conditions APPLY

Legals/ Compliance

Letter of engagement (client agreement) Sub-distributor agreement Direct Debit Statement of terms and conditions Reasons why letter Stewardship Report Alternative

• ptions

APPLY

Next Steps

Process Guide Roles and responsibilities Guide to Aviva system Aviva online system Management System APPLY

Toolkit

User guide for ICBPS Videos Recorded webinars Links to LEBC helpdesk Troubleshooting guide Alternative

• ptions

Auto-enrolment Assessment data files Template FAQs Managed service What is the Aviva online scheme? Management system APPLY

APPLY HERE

Assuming the Bookkeeper has done research on the main site, further and price specific material sits on the secure pages.

7 tiers of pricing will link to Aviva application screens. 8th level is a bespoke service which will divert back to LEBC.

I CB Cost Matrix

The cost matrix application is played back to ICB Member. Confirmation of the AMC.

Application Journey Start

ICB Member Details (Bookkeeper Details) Aviva will start to build a localised database of ICB members with a view to pre populating these fields.

Only one DDM signatory is allowed.

Capturing the Employer Details. Separate extra security check for clients

• utside of UK.

Thought to default to the same date

Capturing the person with responsibility at the Employer. Same person will be emailed the details of the deal to confirm and approve.

Scheme Administrator – could be bookkeeper, client or employee of client.

Online access to new joiner and file transfer process.

Review of application by bookkeeper.

ICB member confirmation email and next steps.

Employer email

Employer completes the application process. Applications are valid for 30 days, after which they expire.

Security check allows client to access application for completion.

Employer Confirmation – Required for Direct Debit

Review of application shows which Bookkeeper has made the application and explains the 30 day validity.

Employer confirms or rejects (MI to be provided on rejections)

Employer must now complete their DDM to set up pension payments to Aviva

Review and restate.

Confirmation to employer application successful. Generates email to ICB member.

æComply Lite Selected by ICB Bookkeeper Email request for log in sent to LEBC Group Email issued to Employer with temporary password Employer sends temporary password to ICB Bookkeeper ICB Bookkeeper logs on on behalf of the employer – æComplylite site activated bookkeeper continues journey

Shows the potential journey of when æComply Lite is selected and the journey. This journey sits with LEBC in the current L1 console.

æComply Lite

Setting Up The Employer

Basic I nformation

Start Date Scheme name TK Number Contributions (Net or Gross)

Stage 1: Pension Details

æComply Lite allows for only 1 Group (unless that 1 group is a salary exchange group then 2 groups are permitted) User guides will be provided to the bookkeeper on how to set up.

Review and Submit

Additional security check to minimise the number of wipe downs required.

Step 1 complete Step 2 to start

Payroll Mapping

The test CSV will be used, making the upload process better for the bookkeeper. The start of the payroll mapping process.

Showing the system where to look for the data.

Completion of mapping (all grey) Aviva currently looking at Automap

Check back – in case of error can remove and start again

Set up Parts 1 and 2 now done Submission

Stage 1 - Complete

Certification now required

Stage 2 - Certification

Group selection

Submission of Certification

Certification - Completed

Time to start compliance checks. Compliance checks will assess, communicate and calculate every payroll reference period They are performed every payroll reference period

Set Up Complete

End to End

• Process from Application to Confirmation with Aviva should be

under five minutes

• æComply Lite set up through to being able to run a compliance

check - seven minutes

• Overall process - 12 minutes, on average

Further Next Steps

• Bookkeeper will be emailed a DDM for the collection of the

monthly and set up fee via Finance

• Bookkeeper will be emailed a sub-distributor agreement for

æComply Lite (we will hold centrally a register of these)

• Bookkeeper will get link and guidance on completing the

declaration of compliance with TPR

• Bookkeeper will get link and full user guidance on completing the

New Joiner and File Transfer process with Aviva

Any Questions?

Thank You