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

’ Impartial financial advice. 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 opportunity 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 Strength and Values Awareness Expertise Recognition scale Corporate Over 300 years of Consistent High UK brand 34 million customers responsibility at our history. recognition by recognition worldwide core industry experts UK’s largest provider We support Significant financial Trust and of employer pensions Over 70 industry customers at every backing transparency awards in 2014 stage 1 in 4 retiring DC £327bn funds under Tackling climate pension customers management change has an Aviva pension Community Constantly development developing our proposition

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

● The complete digital journey a ● Making auto-enrolment easier with a range of online tools and delegated services Auto-enrolment Auto-enrolment Company pension modeller planner quote and apply Employer Auto-enrolment MyAviva for servicing zone manager for business employers

● Offering employers multiple benefits in one place a Auto-enrolment support Workplace Employee pension schemes benefits platform Group risk Employee education protection and engagement sessions My Health Cash Private Medical Plan for groups Insurance

● Making life easier through digital interaction a

● Enabling choice through a full range of investment solutions a Auto- enrolment defaults 270+ Self- select funds Robust governance A full range of retirement options Bespoke lifestages

● Future proofing - Providing employees with a range of a retirement solutions Option one Option two Option three Option four Withdraw all of Take some of the Use some or all of the Leave the money where the money money, as and when money to buy an it is and make choices needed income for life later

● Our experience and expertise allows us to… a Understand the needs of small businesses Offer a comprehensive and flexible approach Provide a wider range of benefits to advisers, employers and employees

● 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

I CB Member Journey - Start These are the pages that bookkeepers will go to to get their information. Some of the information is only available within the secure pages of the website.

Member log in I CBPS Legals/ Assuming the Toolkit Marketing Price Next Steps Compliance Bookkeeper has done research on the main site, User guide for Process Guide Letter of What is ICBPS? ICBPS engagement Cost matrix Roles and further and price Who are Aviva? Videos (client responsibilities Descriptions Who are LECB? agreement) Recorded (per employee Guide to Aviva specific material webinars Approach Letters number not Sub-distributor system agreement per eligible Links to LEBC Newsletters Aviva online jobholders) sits on the helpdesk Direct Debit system Next Steps Statement of Troubleshooting Statement of Management What is auto- terms and secure pages. guide terms and System enrolment conditions conditions Alternative APPLY Assessment tool APPLY options Reasons why æComply Lite? letter Auto-enrolment Alternative options Stewardship Assessment Report What if I use data files Sage/Quickbooks/ Alternative Template options Xero as my auto- FAQs enrolment APPLY Managed assessment service software? What is the Statement of Aviva online terms and scheme? conditions Management Staging date in system the past APPLY FAQs My client already APPLY has a pension HERE scheme APPLY

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

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

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 outside 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.