For employers GETTING READY FOR THE CHANGES Workplace pensions A guide to setting up salary exchange on our auto enrolment system
INTRODUCTION Now that you ve decided to set up salary exchange as part of your pension scheme, you need to decide how you want to administer it. Either: as part of our auto enrolment (AE) system, or directly from your payroll or an alternative system. Setting up salary exchange on our AE system offers you a number of value added benefits which could save you time and enhance worker communications. This guide explains the benefits of setting up salary exchange on our AE system, and shows you what happens when you don t. You ll then be able to make an informed choice. We ll show you how our system: Can be set up with rules to help determine which workers should, and shouldn t, have salary exchange applied to them. Produces communications that illustrate the cost and benefits of joining the pension scheme using salary exchange, and clearly explains the options available to them. Produces information to help you update your payroll to start pension contributions for workers being automatically enrolled. Once you have read this guide you should be ready to decide which option will be best for your pension scheme, and your implementation manager will work with you to help you make the right decision. If there s anything you re unsure about, please speak to your financial adviser. CONTENTS Decisions you ve already made 4 Steps for using salary exchange 5 Using our AE system 6 Using an alternative system 14 Decisions and information 18 What happens next? 19 THIS IS FOR EMPLOYER USE ONLY AND SHOULDN T BE RELIED UPON BY ANY OTHER PERSON. 2
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DECISIONS YOU VE ALREADY MADE So far you should have: Decided on which workers or groups of workers salary exchange will apply to. Decided on the salary exchange basis for your scheme i.e. if any of the employer or worker savings are going to be re-invested into the plan. Decided if your salary exchange default will be set as on or off for workers joining your scheme. Understood how you are going to create the required contractual agreements with your workers, separate to the auto enrolment process. Reviewed your payroll system to understand what support they can provide for administering salary exchange, including calculation of pension contributions and refunds for opt outs. Decided on how you are going to make sure that your salary exchange agreements do not break the law e.g using a salary floor to prevent earnings falling below minimum wage levels. Decided if you are going to have a maximum percentage of salary that can be exchanged. Considered the above for workers already in your pension scheme, workers you employ but aren t part of a scheme, and new workers. When our auto enrolment system can help Our system can help you if you have made the following decisions. Salary exchange basis: Salary exchange is being used for all or part of your workforce. You are using some or all of the employer National Insurance Contributions (NIC) savings to increase pension contributions. You are keeping all of the employer NIC savings. You are using worker NIC savings to increase pension contributions. Salary exchange default: Includes salary exchange and can be switched off. Doesn t include salary exchange and can be switched on. Salary floor Set up a salary floor so workers earnings do not fall below the minimum wage when salary exchange is applied. If you decide not to use salary exchange from the start of the scheme, then it will be a minimum of 12 months before you can apply it. 4
STEPS FOR USING SALARY EXCHANGE When setting up salary exchange, we provide the option of setting up and running the process within our AE system, rather than just directly through your payroll/alternative system. This means that at certain steps in the process we can give you extra support to enhance the management of salary exchange. While the timings may vary, the keys steps to setting up salary exchange are detailed below, as well as where we can help support you when it s set up with our system. Extra support available when set up within our AE system. 1. Set up the contractual agreement 2. Apply salary exchange rules Put the required contractual agreements in place so you can use salary exchange for workers joining the scheme. Decide whether or not salary exchange applies to the worker. 3. Apply auto enrolment rules Assess the worker. Produce the required auto enrolment communication. 4. Update payroll Start salary exchange and pension contributions for workers joining the scheme using salary exchange. Start pension contributions for workers joining the scheme who are not using salary exchange. 5. Make changes Stop salary exchange if requested by the worker. Stop salary exchange and refund pension contributions for any worker that opts out. Update salary exchange for changes to salary, tax rates or legislation. 5
USING OUR AE SYSTEM 1. Set up the contractual agreement Our AE system doesn t provide any of the required contractual agreements as part of the auto enrolment process. You ll need to make sure you have these in place before using salary exchange. 2. Apply salary exchange rules You can tell us which workers salary exchange should apply to when you add workers to our AE system. Top tip Having active membership of an auto enrolment scheme cannot depend on whether a worker agrees to use salary exchange. So if the worker declines to use salary exchange, you still must enrol them in the pension scheme. There is a salary exchange indicator on the worker file. You simply put a Y or a N, depending on whether salary exchange should apply. Alternatively, our system can determine whether salary exchange should apply to a worker based on rules that you set up. There are three different types of rules: categories salary exchange default salary floor. 6
Categories Example The default contributions for Newco are 5% employer and 5% worker with basic salary being pensionable. Salary exchange is being used for part of the workforce, and the employer and workers are keeping all the NIC savings. Salary exchange is going to be used for the purple team, but won t be used for the orange team. The scheme can be set up with two categories with different defaults. 5% Employer 5% Worker Salary exchange - Yes* Category Purple team Using salary exchange Newco 5% Employer 5% Worker Salary exchange - No Category Orange team Not using salary exchange * This will include the salary exchange basis, default and salary floor If you have categories (teams or departments) of your workforce that salary exchange doesn t apply to, then we can set up different default contributions for these workers as well as a separate category in your scheme. We ll then automatically assign workers to the correct category in the scheme. We ll agree a category identifier with you as part of the implementation process that allows workers to be assigned to the right category automatically every time you provide worker data e.g. team name. This means that the agreed rules will be automatically applied to each worker every time, rather than you having to tell us for each worker. Here s an example of the worker information you ll need to give us: First name Last name National Insurance number Payroll reference Team Adam White JL111111A 11111 Purple John Smith JL222222A 22222 Purple Jane Black JL333333A 33333 Orange 7
Salary exchange default Our AE system can be set up so that salary exchange applies automatically for new joiners. Alternatively, you can ask to switch it on when required. Example Newco Updates the contract of employment so that any workers who join the pension scheme will use salary exchange unless they request otherwise. Example PLC Provides the option to start using salary exchange as part of joining the company. This means salary exchange is included in the default and can be switched off, on request. Salary exchange will automatically apply to any new joiners. This means salary exchange is not included in the default and can be switched on, on request. Salary exchange will not automatically apply to new joiners. 8
Salary floor Our AE system can be set up to include a salary floor for workers. This means that it would only apply salary exchange to workers where it won t reduce their expected earnings below a specified monetary amount, or below national minimum wage (NMW). We ll agree a salary floor with you, so the rules are applied automatically each time on the system for each worker. Top tip A salary floor is not mandatory. You may need to have additional controls in place to make sure the earnings never go below NMW. Example Newco has some workers where there is a risk that salary exchange would reduce earnings below the NMW. The highest number of hours worked for these workers is 35 hours so the employer decides to set a salary floor of 15,000, which is higher than the minimum wage for workers. Adam White Purple team 16,000 salary 5% Employer 5% Worker Salary exchange will be used Adam White is in the purple team and has a salary of 16,000. Salary exchange will be used for Adam as his earnings will not fall below the salary floor of 15,000 ( 16,000-800 = 15,200). John Smith 5% Employer 5% Worker Purple team 15,500 salary Salary exchange won t be used John Smith is in the purple team and has a salary of 15,500. Salary exchange will not be used for John as his earnings fall below the salary floor of 15,000 ( 15,500-775 = 14,725). 9
3. Apply auto enrolment rules Our AE system will assess your workers and produce the right communications for them. When salary exchange is run on our system, the joining notices will contain a detailed breakdown for the worker of their monthly contributions. This helps demonstrate the real cost to them of joining the pension scheme. Example 1 Adam White is assessed as an eligible jobholder and salary exchange applies. Adam White 16,000 salary Employer and worker are keeping NIC savings 5% Employer 5% Worker Salary exchange - Yes Normally on the joining notice, Adam would only see that his monthly total contribution was 133.33, with no further information of where the contributions came from or who pays what. But, by setting up your salary exchange so it s run on our system, Adam will instead get a joining notice that includes the message and the illustration below: How much will the monthly contributions be? You exchange 66.66 of your gross salary every month. Because of the tax and NIC savings, this only costs you 45.33. So it costs you less to save for your future. Cost to you 45.33 Tax and NIC savings 21.33 We contribute 66.67 Total 133.33 5.00% of your expected gross salary 5.00% of your expected gross salary As you can see, it tells Adam exactly where the contributions have come from, and how the total contributable amount is made up for his circumstances. Giving Adam a much clearer idea of the true cost of joining the scheme. 10 All figures are based on annual tax allowances and NIC thresholds/limits and are for illustration purposes only. Based on rates of income tax and NI for the 2018/19 tax year and a single person s tax allowance of 11,850. References to taxation are based on our understanding of the current law and practice and may be affected by future changes in tax, NI contributions, legislation or by an individual s particular circumstances. These are based on UK income tax rates and bands, excluding Scotland.
The pension contributions made through salary exchange will actually be employer contributions. On Adam s payslip he will see a reduced salary as a result of the salary he has exchanged and an employer pension contribution of 133.33. He ll already have received information about salary exchange as part of establishing the required contractual agreements. Our AE system will apply the salary exchange basis agreed for your scheme and automatically include this information in the joining communications. An example is shown below. Top tip The pension contributions for salary exchange are employer pension contributions, not worker. The information shown on the communications is to help the worker understand the cost of joining the pension scheme, not how the salary exchange agreement works. Top tip For a full explanation of how salary exchange works, worked examples and the benefits/ disadvantages, please read our Guide to Salary Exchange. Example communication using salary exchange Name: Mr A White Scheme: Newco Group Personal Pension Plan INTRODUCING OUR GROUP PENSION PLAN On 1 November 2014, you'll be automatically enrolled into our group pension plan. You don't need to do anything to take advantage of this great opportunity to save for your future. What does this mean for me? You'll have your own plan and you'll make a monthly contribution which will be taken from your salary automatically using salary exchange. We'll also help by contributing to your plan. The retirement savings you build up will provide you with an income when you retire. The plan must meet certain Government standards. If we close the plan, or change it so that it no longer meets these standards, we'll immediately put you into another plan that does. How much will the monthly contributions be? You exchange 66.66 of your gross salary every month. Because of the tax and NIC savings, this only costs you 45.33. So it costs you less to save for your future. Cost Cost to to Tax and NIC We We Total you you NIC savings contribute 45.33 21.33 66.67 133.33 5.00% 5.00% 5.00% 5.00% of your expected of your expected of your expected of your expected gross gross salary salary gross gross salary salary Where will my money be invested? We've chosen an investment option for the plan so your retirement savings will be looked after by professionals. You can stick with this option or choose your own investments. Who will run the plan? We've chosen Royal London to run the plan. They are pension experts and you'll benefit from their expertise and excellent service at every step to your retirement. To find out more visit yourplan.royallondon.com/pension What happens next? You don't need to do anything to join. You'll be automatically enrolled into the plan on 1 November 2014. Contact Us Newco 0131 467 8956 employer@newco.co.uk Here to help We'll use this margin to explain some of the terms we've used. Salary exchange You should have already received information about salary exchange. This is where you exchange part of your gross salary in return for contributions into your plan. This means you won't pay any tax or National Insurance Contributions (NIC) on the amount you exchange. Salary exchange may not be suitable for everyone. You should speak to us if you don't think it's right for you or go to yourplan.royallondon.com/ newco for more information. You'll still be automatically enrolled if you don't agree to salary exchange. Tax and NIC savings These figures are calculated using your current tax rate. Salary Contributions are calculated based on your pensionable salary, which may not be the same as your salary. Contact us for more information on how your pensionable salary is calculated. Salary Exchange You should have already recieved information about salary exchange. This is where you exchange part of your gross salary in return for contributions into your plan. This means you won t pay any tax or National Insurance Contributions (NIC) on the amount you exchange. Salary exchange may not be suitable for everyone. You should speak to us if you don t think it s right for you or go to yourplan.royallondon.com/newco for more information. You ll still be automatically enrolled if you don t agree to salary exchange. Joining Notice page 1 of 4 Contact us Contact us if you d like to: Save more Increase the amount you re contributing. Switch off salary exchange If you don t want to make contributions using salary exchange, you can switch this off. Your contribution will then be calculated differently. Can I make changes to my plan? Contact Royal London You can contact Royal London if you'd like to: Change your investments - Find out more about the different investment options available and change your investment choice. Change your retirement date - Choose the date you want to start taking your retirement benefits. Nominate beneficiaries - Nominate one or more beneficiaries to receive your retirement benefits in the event of your death. Royal London will take your wishes into account but they are not bound to follow them. Contact us Contact us if you'd like to: Save more - Increase the amount you're contributing. Switch off salary exchange - If you don't want to make contributions using salary exchange, you can switch this off. Your contributions will then be calculated differently. Can I opt out of the plan? You can opt out of the plan between 1 November 2014 and 1 December 2014. To opt out you can: Use Royal London's online opt out service The online service is simple to use and so it's the quickest and easiest way to opt out of the plan. You can access the opt out service from your computer or mobile in a few easy steps. Go to yourplan.royallondon.com/choices and follow the instructions on screen. You'll need to provide your access code: 1234-5678-9999 Ensure you read the important information and confirm that you personally submitted the notice to opt out. Use Royal London's telephone opt out service Call 0845 600 2577 and listen to the instructions. You'll need to enter your access code: 1234-5678-9999 Complete and sign an opt out form You can get a copy of the form at yourplan.royallondon.com/pension or contact Royal London. Return the completed form to us. If you opt out on or before 1 December 2014 any contributions you've made will be refunded. You can opt out or stop making contributions in accordance with the scheme rules after this date. If you opt out or stop making contributions, we'll normally enrol you back into the plan roughly every three years. We'll contact you if this happens. Remember that by opting out, you'll miss out on a contribution of 145.83 from us and 29.17 tax and NIC savings each month and you will be treated as though you have never been a member of the plan. If you change your mind we must let you opt in once in any 12 month period. You might be able to opt back into the plan sooner by contacting us. Joining Notice page 2 of 4 Contact Us Newco 0131 467 8956 employer@newco.co.uk Contact Royal London CSTeam1@royallondon.com Corporate Servicing Team 1 Royal London PO Box 413 Wilmslow SK9 0EN 0845 60 37 560 Mon - Thurs, 8.00am - 6.00pm Fri, 8.00am - 5.00pm 0131 524 8873 yourplan.royallondon.com/ pension 11
Example 2 John Smith is assessed as an eligible jobholder and salary exchange doesn t apply. John Smith 15,500 salary 5% Employer 5% Worker Salary exchange - No John will see the following breakdown of his contributions in the joining communications, helping him understand the real cost of joining the scheme without using salary exchange: How much will the monthly contributions be? You contribute 51.67 Tax man contributes 12.92 We contribute 64.58 Total 129.17 5.00% of your expected gross salary 5.00% of your expected gross salary Example communication not using salary exchange Name: John Smith Scheme: Newco Group Personal Pension Plan INTRODUCING OUR GROUP PENSION PLAN On 1 November 2014, you'll be automatically enrolled into our group pension plan. You don't need to do anything to take advantage of this great opportunity to save for your future. What does this mean for me? You'll have your own plan and you'll make a monthly contribution which will be taken from your salary automatically. When you start saving into your plan, so will the taxman. This is called tax relief. We'll also help by contributing to your plan. The retirement savings you build up will provide you with an income when you retire. The plan must meet certain Government standards. If we close the plan, or change it so that it no longer meets these standards, we'll immediately put you into another plan that does. How much will the monthly contributions be? You You Tax The taxman We Total Total contribute contributes contribute 51.67 12.92 64.58 129.17 5.00% 5.00% 5.00% 5.00% of of your your expected expected of of your your expected gross gross salary salary gross salary Where will my money be invested? We've chosen an investment option for the plan so your retirement savings will be looked after by professionals. You can stick with this option or choose your own investments. Who will run the plan? We've chosen Royal London to run the plan. They are pension experts and you'll benefit from their expertise and excellent service at every step to your retirement. To find out more visit yourplan.royallondon.com What happens next? You don't need to do anything to join. You'll be automatically enrolled into the plan on 1 November 2014. Joining Notice page 1 of 4 Contact Us Newco 0131 467 8956 employer@newco.co.uk Here to help We'll use this margin to explain some of the terms we've used. Tax relief You get tax relief on your regular and single contributions at the current basic rate. This means that each time you make a contribution into your plan, so will the taxman. Tax relief depends on individual circumstances and may change in the future. If you pay higher rate income tax, you may be able to claim extra tax relief through your tax return or by contacting your local tax office. Salary Contributions are calculated based on your pensionable salary, which may not be the same as your salary. Contact us for more information on how your pensionable salary is calculated. Whether the worker is using salary exchange or not, the breakdown of contributions in the joining communications are tailored specifically for that worker. Tax Relief You get relief on your regular and single contributions at the current basic rate. This means that each time you make a contribution into your plan, so will the taxman. Tax relief depends on individual circumstances and may change in the future. If you re an intermediate rate (Scottish taxpayers only), higher rate or additional rate taxpayer, you could be entitled to claim more tax relief through a self-assessment tax return or by contacting your local tax office. 12 All figures are based on annual tax allowances and NIC thresholds/limits and are for illustration purposes only. Based on rates of income tax and NI for the 2018/19 tax year and a single person s tax allowance of 11,850. References to taxation are based on our understanding of the current law and practice and may be affected by future changes in tax, NI contributions, legislation or by an individual s particular circumstances. These are based on UK income tax rates and bands, excluding Scotland.
4. Update payroll Our auto enrolment system will produce a payroll adjustment file that details the contribution basis for workers who are joining the scheme. This will help you to start pension contributions at the right time and on the right basis. Example First name Last name National Insurance number Payroll reference Effective date Pension start date Process type Eligible jobholder Worker contribution (%) Employer contribution (%) Category identifier Salary exchange Adam White JL111111A 11111 01/11/2015 01/11/2015 Worker enrolment John Smith JL222222A 22222 01/11/2015 01/11/2015 Worker enrolment Jane Black JL333333A 33333 01/11/2015 01/11/2015 Worker enrolment Y 5 5 Purple Y Y 5 5 Purple N Y 5 5 Orange N 5. Making changes You ll need to update the pension contributions on your payroll system if there are any changes that affect the salary exchange amounts. This could include changes to: opt outs pension contribution rates pensionable salary tax rates legislation. You can make the following updates to workers on our auto enrolment system as part of the joining process: Switch salary exchange on / off for a worker. Update the pensionable salary for a worker. Top tip The pension contributions for salary exchange are employer pension contributions, not worker. The information shown on the payroll adjustment file is to help you to apply the salary exchange agreement in your payroll system. However, when you submit the contribution schedule, this should be noted as an employer only payment, due to the tax treatment of the contribution. Top tip Make sure you have a refund process in place for opt outs that includes salary exchange. 13
USING AN ALTERNATIVE SYSTEM You can decide not to set up your salary exchange on our AE system, and only use your own payroll or alternative system. The next few pages illustrate where the key differences are to each step in the process if you choose to do this. 1. Set up the contractual agreement Our AE system doesn t provide any of the required contractual agreements as part of the auto enrolment process. You ll need to make sure you have these in place before using salary exchange. 14
2. Apply salary exchange rules Our AE system will not capture or apply any salary exchange rules. You ll need to provide updates and instructions for any workers not joining on the default contribution basis. Example 10% Employer Salary exchange - Yes* Category Purple team Using salary exchange Newco 5% Employer 5% Worker Salary exchange - No Category Orange team Not using salary exchange * This will not include the salary exchange basis, default or salary floor. John Smith is in the purple team; but salary exchange doesn t apply, as it would take his salary below the set salary floor. Newco therefore provide additional information for John as part of joining, including setting the salary exchange indicator as N and pension contributions as 5% employer 5% worker, rather than 10% employer. John Smith 15,500 salary Additional employer information supplied 5% Employer 5% Worker Salary exchange - No You ll need to tell us the contributions for workers joining the scheme, and whether or not salary exchange applies. Here s an example of the worker information you would need to provide: First name Last name National Insurance number Payroll reference Team Worker (%) Employer (%) Salary exchange Adam White JL111111A 11111 Purple 0 10 Y John Smith JL222222A 22222 Purple 5 5 N Jane Black JL333333A 33333 Orange 5 5 N 15
3. Apply auto enrolment rules Our AE system will assess workers and produce the required auto enrolment communications. Where the worker is using salary exchange, a statement will be included about salary exchange. Example Adam White is assessed as an eligible jobholder and salary exchange applies. Adam White 16,000 salary Employer and worker are keeping NIC savings 10% Employer Salary exchange - Yes The auto enrolment communications include the following information about his pension contributions. Example communication using salary exchange How much will monthly contributions be? 133.33 will be paid into your plan every month. Name: Mr A White Scheme: Newco Group Personal Pension Plan INTRODUCING OUR GROUP PENSION PLAN On 1 November 2014, you'll be automatically enrolled into our group pension plan. You don't need to do anything to take advantage of this great opportunity to save for your future. What does this mean for me? You'll have your own plan and you'll make a monthly contribution which will be taken from your salary automatically using salary exchange. We'll also help by contributing to your plan. The retirement savings you build up will provide you with an income when you retire. The plan must meet certain Government standards. If we close the plan, or change it so that it no longer meets these standards, we'll immediately put you into another plan that does. How much will the monthly contributions be? 133.33 will be paid into your plan every month. Where will my money be invested? We've chosen an investment option for the plan so your retirement savings will be looked after by professionals. You can stick with this option or choose your own investments. Who will run the plan? We've chosen Royal London to run the plan. They are pension experts and you'll benefit from their expertise and excellent service at every step to your retirement. To find out more visit yourplan.royallondon.com/newco What happens next? You don't need to do anything to join. You'll be automatically enrolled into the plan on 1 November 2014. Can I make changes to my plan? Contact Royal London You can contact Royal London if you'd like to: Change your investments - Find out more about the different investment options available and change your investment choice. Change your retirement date - Choose the date you want to start taking your retirement benefits. Nominate beneficiaries - Nominate one or more beneficiaries to receive your retirement benefits in the event of your death. Royal London will take your wishes into account but they are not bound to follow them. Contact Us Newco Limited 0131 467 8956 employer@newco.com Here to help We'll use this margin to explain some of the terms we've used. Salary exchange You should have already received information about salary exchange. This is where you exchange part of your gross salary in return for contributions into your plan. This means you won't pay any tax or National Insurance Contributions (NIC) on the amount you exchange. Salary exchange may not be suitable for everyone. You should speak to us if you don't think it's right for you or go to yourplan.royallondon.com/ newco for more information. You'll still be automatically enrolled if you don't agree to salary exchange. Salary Exchange You should have already recieved information about salary exchange. This is where you exchange part of your gross salary in return for contributions into your plan. This means you won t pay any tax or National Insurance Contributions (NIC) on the amount you exchange. Salary exchange may not be suitable for everyone. You should speak to us if you don t think it s right for you or go to yourplan.royallondon.com/newco for more information. You ll still be automatically enrolled if you don t agree to salary exchange. Contact us Contact us if you'd like to: Save more - Increase the amount you're contributing. Joining Notice page 1 of 2 AE02/999999//0 16
4. Update payroll Our AE system will produce a payroll adjustment file that details the contribution basis for workers who are joining the scheme. This will help you to start pension contributions at the right time and on the right basis. Example First name Last name National Insurance number Payroll reference Team Worker (%) Employer (%) Salary exchange Adam White JL111111A 11111 Purple 0 10 Y John Smith JL222222A 22222 Purple 5 5 N Jane Black JL333333A 33333 Orange 5 5 N 5. Making changes You will need to update the pension contributions on your payroll system if there are any changes that affect the salary exchange amounts. This could include changes to: opt outs pension contribution rates pensionable salary tax rates legislation. You can make the following updates to workers on our auto enrolment system as part of the joining process: Switch salary exchange on / off for a worker. Update the pensionable salary for a worker. 17
DECISIONS AND INFORMATION The information below is required to set up salary exchange on our AE system. These are the key decisions you need to make for using salary exchange, and our implementation manager will work with you to make sure you re fully set up. If salary exchange is being set up on system Yes or No Salary exchange default Set up now or later Scheme categories Salary exchange on or off Salary floor Monetary amount Data requirements Category and salary exchange indicators If there s anything you re unsure about, please speak to your financial adviser. 18
WHAT HAPPENS NEXT? Your implementation manager will answer any questions you have at your next meeting, and collect the required decisions and information from you to set up salary exchange with our AE system. 19
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