Menu of service
As discussed Willow Financial Solutions offers a complete automatic enrolment solution for employers as follows:
Initial Meeting – Cost £750 non-regulated – £1250 regulated
Designing the right solution for you means getting the right balance between costs and ongoing administration that is supported by effective communications to your workers.
Therefore, I will:
Assess your needs as a Company
Gather client data – capture workforce data and current pension scheme details.
Assess workforce – review workforce and determine the types of worker and your relevant employer duties and establish your contribution basis.
Review current scheme – compare your existing scheme against new regulations and identify the changes needed.
Design solution – select the best option for your business and workforce.
Create a project plan – detailing the work required, agreeing on responsibilities and timescales for delivery.
Implement –Ensuring the detailed scheme design is right will help you with the ongoing administration and provide a better experience for you and your workforce with as little disruption to the business as possible.
Detailed scheme design – ensure the administration scheme fits with your existing processes such as payroll and ensure communications are issued at right time.
Implement changes – set the scheme up for you and train appropriate staff on all the processes they will need to carry out.
For Directors and Non-Eligible employees only – £250
Completing all the compliance work involved with Auto-Enrolment and issuing any Relevant communications to the workforce.
Should a scheme need to be set up in the future this fee can be offset against the scheme setup charge.
Employee Presentations and face-face guidance – Half day £300, Full day £550
Engage workforce – provide the communication material you will need to educate and inform your workforce about changes and arrange for your workforce to have access to face-to-face guidance.
Once the scheme changes have been implemented we will support you so you can continue to meet your employer duties on an ongoing basis. We will help you to introduce the processes, record keeping and reporting requirements as needed.
This can be done:
Service Menu A – £50 per month ongoing (review in 12 months)
Data upload – support you to upload ongoing worker data including payroll, contributions, and scheme membership either automatically or manually as required.
Keeping records – provide you with the information you need to meet your recordkeeping requirements.
Communication material – provide communications needed for your workers at each stage of the process.
Complete the declaration process on the Pensions Regulators website.
Regular legislative updates – to keep you informed of any regulatory changes as an employer.
Annual review service.
Service Menu B – £25 per month (monthly payroll) £35 pm (weekly payroll) ongoing
Administration of the pension scheme – ongoing administration and uploading of the data and contributions files to the Pension Provider.
Complete the declaration of compliance process on the Pensions Regulators website.
Communications – £100 up to 10 Employees £5 per employee thereafter
Issue employees with postponement notices.
Payroll set up – £250 – face to face assistance, £100 – telephone assistance
Ensuring that the scheme is set up correctly within the payroll and assisting at staging date and out of postponement
Fees and Service Agreement:
An ongoing relationship with our clients is integral to our business and we believe that it can add significant value to both your business and workforce.
Our fee structure and service agreements have been created to provide you with a complete design, implementation and ongoing management service in an ever-changing environment.