2015 New Pension Scheme Implementation Programme. Employer Engagement Event. March 2014

Transcription

1 Employer Engagement Event March 2014

2 Employer Engagement Leads Julie Stevens Employer Engagement Lead The Pensions Schemes Executive - Cabinet Office julie.stevens@cabinet-office.gsi.gov.uk Phil Starling Employer Engagement Lead MyCSP phil.starling@mycsp.co.uk Mailbox 2015employers@cabinet-office.gsi.gov.uk 2 Employer Engagement Event

3 Employer Engagement Leads Engage Support Eyes and Ears Report Monitor Escalate 3 Employer Engagement Event

4 Contents Introduction and Ice Breaker Employer Engagement Scheme Provisions, System & Process Changes Data cleanse Options exercise Communications 4 Employer Engagement Event

5 Aims Discuss how we will engage and support you through the 2015 Scheme implementation 5 Employer Engagement Event

6 Turn on your keypad Press down MENU button for a few seconds and the word Ready will appear. 6 Employer Engagement Event

7 Make your selection Use the down arrow to scroll down to highlight your selection... 7 Employer Engagement Event

8 Confirming your answer Then press the SEND key 8 Employer Engagement Event

9 How did you travel here today? A. Car B. Public transport C. On foot 9 Employer Engagement Event

10 How are you feeling this morning? Tired/sluggish Up for it! Employer Engagement Event

11 How much do you know about the support we will offer you in implementing the 2015 arrangements? Very little Everything Employer Engagement Event

12 Employer Engagement

13 13 Employer Engagement Event

14 How would you like us to support you? support 14 Employer Engagement Event

15 Events Readiness Guide Strategy Self Assessment Employer Impacts Enhanced Data Validations EPNs Payroll Specification Conference Calls Readiness Checks 15 Employer Engagement Event

16 Bill...is concerned. 16 Employer Engagement Event

17 What should he do? 17 Employer Engagement Event

18 Events Readiness Guide Strategy Self Assessment Employer Impacts Enhanced Data Validations EPNs Payroll Specification Conference Calls Readiness Checks 18 Employer Engagement Event

19 19 Employer Engagement Event

20 Sid.. is too busy 20 Employer Engagement Event

21 Events Readiness Guide Strategy Self Assessment Employer Impacts Enhanced Data Validations EPNs Payroll Specification Conference Calls Readiness Checks 21 Employer Engagement Event

22 22 Employer Engagement Event

23 Bill... Knows what to do Who to contact 23 Employer Engagement Event

24 Data Cleanse Options Exercise System and Process Changes Migrate Members 24 Employer Engagement Event

25 31 st May 2014 October st of April st of April Employer Engagement Event

26 26 Employer Engagement Event

27 27 Employer Engagement Events

28 Scheme Provisions

29 Events Readiness Guide Strategy Self Assessment Employer Impacts Enhanced Data Validations EPNs Payroll Specification Conference Calls Readiness Checks 29 Employer Engagement Event

30 Scheme Differences Arrears of pay Final Salary Link Normal Pension Age to State Pension Age Effective Pension Age (EPA) Ill-Health Retirement Test Re-joiners 30 Employer Engagement Event

31 Arrears of Pay Different from nuvos Arrears of pay allocated to period earned not when they are paid Contribution rate always applicable in the year the earnings are paid 31 Employer Engagement Event

32 Effective Pension Age New product Additional contributions, buy a lower pension age Linked to NPA Buy whole years up to 3 years Never lower than NPA of Employer Engagement Event

33 Normal Pension Age and Effective Pension Age NPA REDUCED UNADJUSTED EPA UNADJUSTED ENHANCED Links to State Pension Age 33 Employer Engagement Event

34

35 Final Salary Link Premium or Classic (Active non-accruing) 2015 Scheme 35 Employer Engagement Event

36 Ill Health Retirement Test Two tiered approach as in nuvos Employee s condition has to be permanent until their provisional state pension age 36 Employer Engagement Event

37 Events Readiness Guide Strategy Self Assessment Employer Impacts Enhanced Data Validations EPNs Payroll Specification Conference Calls Readiness Checks 37 Employer Engagement Event

38 38 Employer Engagement Events

39 Data Cleanse

40 Data Cleanse Update 195 data cleanse reports 342 Conference Calls 40 Employer Engagement Event

41 Data Cleanse Update Methodology Issued Timescales Data Cleansing Commenced 41 Employer Engagement Event

42 Next Steps Return Data MyCSP Load Data Check Interface Data Marked on PenServer Complete 31 st May 42 Employer Engagement Event

43 Data Cleanse Targets 90% 100% th nd st th April March May % 45% 25% 10% Employer Engagement Event

44 HMRC Case Study Engaged Dedicated Team 660,000 Trained Team Running Extracts Daily Reporting Daily Targets 105, Employer Engagement Event

45 45 Employer Engagement Event

46 46 Employer Engagement Events

47 When does the data cleanse exercise need to be completed, for the Tapered Enrolment Group? A. 31 st of May 2014 B. 30 th of April 2014 C. 1 st of April Employer Engagement Event

48 What tabs should you focus on first, in the DataSure report? A. Red B. Blue C. White 48 Employer Engagement Event

49 Options Exercise

50 13% 60,000 27% 128,000 60% 282, Employer Engagement Event

51 What is in the Options Pack? Personalised Statement Contains: Personalised Projection (retaining Tapered Enrolment) Response Forms Your Choice Booklet Contains: New Scheme Information Signposting to more information Checklist 51 Employer Engagement Event

52 What else is available to members? Online Modeller Demonstrates the difference between opting into the new scheme and remaining in current scheme Allows users to select the age they plan to retire and take their benefits Will be designed with member needs in mind (not pension administrators or IFAs) Communication Products Options Exercise Fact Sheet Member on-line video Monthly on-line FAQS Presentation Slide Pack Decision Tree 52 Employer Engagement Event

53 Distribution Approach Options Packs Same as Additional Pensions Contributions Letters in March Employer Engagement Event

54 54 Employer Engagement Events

55 Communications

56 February 2014 Webpages e-bulletins What does this mean for me? What scheme am I in? Online FAQs 56 Employer Engagement Event

57 Future communications Member Online Presentation July 2014 Factsheets Options Presentation July 2014 Options Factsheets July 2014 Member Online Video October 2014 Options Video August Employer Engagement Event

58 58 Employer Engagement Events

59 Next Steps

60 60 Employer Engagement Event

61 61 Employer Engagement Event

62 Events Readiness Guide Strategy Self Assessment Employer Impacts Enhanced Data Validations EPNs Payroll Specification Conference Calls Readiness Checks 62 Employer Engagement Event

63 Training 63 Employer Engagement Event

64 64 Employer Engagement Events

65 How much do you know about the support we will offer you in implementing the 2015 arrangements? Very little Everything Employer Engagement Event

66 How useful have you found the event today? Not at all V. helpful Employer Engagement Event

67 67 Employer Engagement Events

68 Fastest Finger First

69 Question 1 When do the system and payroll changes need to be implemented by? A. 1 January 2015 B. 1 April 2015 C. 1 August Employer Engagement Event

70 Are you ready?

71 Question 2 When does the data cleanse exercise need to be completed by, for the Tapered Enrolment group? A. 31 May 2014 B. 31 September 2014 C. 31 December Employer Engagement Event

72 Are you ready?

73 Question 3 Where will you find your roles and responsibilities? A. Employer Impact Document B. In the Strategy and the Readiness Guide C. Payroll Developers Guide 73 Employer Engagement Event

74 Are you ready?

75 Question 4 When is the first self-assessment? A. April 2014 B. September 2014 C. January Employer Engagement Event

76 And finally

77 Question 5 Who should you contact if you are having issues? A. TPSEemployers@cabinet-office.gsi.gov.uk B. SMEemployers@cabinet-office.gsi.gov.uk C. 2015employers@cabinet-office.gsi.gov.uk 77 Employer Engagement Event

78 Thank you