RHG Financial Services
 

Richmond House Financial Services Limited
are Chartered Financial Planners

Small company solution FAQs

How does it work?

We’ve put together this simple diagram to show you how we can set your workplace pension up from scratch and then provide an annual service to support you and keep everything on track. Step by step guide to AE Master Trust Pension Scheme

How much does it cost?

The set-up service is just £1,250 + VAT and the ongoing service is £500 +VAT per year.
Ongoing charge will be adjusted annually in line with CPI from 1 January 2017.

When is my staging date?

If you haven’t yet received your letter from the Pensions Regulator just go to their website and enter your company PAYE reference.

If you don't pay your staff through a PAYE scheme, your staging date will be 1 April 2017.

How do I register the scheme?

You don’t have to – we do this for you as part of the set-up and ongoing services so you can be sure you comply with the auto enrolment laws.

Who do I have to enrol and when?

Our system automatically assesses each month who needs to be included in the workplace pension scheme so you don’t have to worry about excluding anyone by mistake.

How much do I need to contribute?

There is a minimum legal contribution you need to make - currently 1% of the employee’s qualifying earnings rising to 3% in 2018 - but you may wish to increase that as an extra benefit for your staff or a reward for senior managers.

How will I know when these statutory minimum contributions need to be increased?

We will tell you!

How do I check the payroll data?

You don’t need to – we give you, or your payroll provider, carefully defined templates to fill with your data then we test it for correct formatting ready to set up the scheme.

How do I explain it all to my employees?

If you don’t feel you can answer all the potential questions on your scheme we can arrange an on-site presentation from one of our pensions experts, as an optional extra. Not only will your staff understand the pension scheme better they’ll also appreciate the benefits you are providing.

What happens if the Pensions Regulator decides to audit my scheme?

A full audit trail is held by the RHG scheme so you can provide full records to the Pensions Regulator, including copies of all correspondence and when it was sent to employees.

What documentation do I need to give my staff?

All the paperwork required by law is automatically generated by the system and can either be emailed directly to your employees, or printed out and posted to those without email or who work at another location.

How do I know it meets the legal requirements?

Our scheme is part of the Salvus Master Trust, which is an established AE scheme and acknowledged by the Pensions Regulator. The Salvus Master Trust is part of Goddard Perry Consulting Limited who are authorised and regulated by the Financial Conduct Authority.

Who looks after the funds in the pension scheme?

There are independent trustees who monitor and maintain the default investment fund as required by law. A range of alternative investment options are available.

What is a Master Trust?

It is a multi-employer workplace pension scheme so you’re in good company, joining forces with other businesses benefiting from the expertise of the Trustees within one central pension scheme.

What happens after it’s all set up?

We carry out an annual review of your scheme, and also ensure that scheme certificates and the Declaration of Compliance are renewed at the correct time so you don’t have to worry about showing you comply with the legislation

If the workplace pension law changes what do I do?

Don’t worry – we will monitor any changes which may affect you. As part of your annual ongoing service we will discuss with you the impact of these changes on your scheme and what, if anything, you need to do, helping you to stay in line with the legislation.

Contact us for further information via our contact form or telephone 0333 241 3350.

Related services

RHG expert view

You don’t need to worry about demonstrating to the Pensions Regulator that you are complying with the legislation – not only do we actually do the Declaration of Compliance for you, you also get a full audit trail with this scheme.

Ian Jenkins APFS
Corporate Services Director

Richmond House Financial Services Limited (No 1842995) and Richmond House Investment Services Limited (No 01812617) are registered in England. Registered Address: Premier House, Argyle Way, Stevenage, Hertfordshire, SG1 2AD. VAT registration number 151 3296 28. RHG and the Richmond House Group are trading styles of both Richmond House Financial Services Limited and Richmond House Investment Services Limited, and RHG Investment Management is a trading style of Richmond House Investment Services Limited only. Both companies are separately authorised and regulated by the Financial Conduct Authority. The guidance and/or advice contained in this website is subject to the UK regulatory regime and is restricted to consumers based in the UK. The provision of advice to employers on Auto Enrolment is not a regulated activity. Further consumer advice is available from the Money Advice Service via this link www.moneyadviceservice.org.uk . The value of your investment can go down as well as up and you may get back less than you have invested.

Copyright Richmond House Group 2017