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Copyright 2017 - JPM Group

Workplace Pensions

JPM Pensions is a dedicated team providing tailor made solutions and ongoing support and assistance to help clients fulfil their requirements under the Workplace Pension legislation. We believe it is essential that our clients fully understand both their responsibilities but also the range of options and possible cost-saving strategies available in meeting these responsibilities.

 

 

Every Company in the UK has a requirement to meet their responsibilities under the Workplace Pension legislation – a Government initiative to encourage all workers to pay into a pension scheme to save for their retirement. All eligible workers must be automatically enrolled into a Qualifying Workplace Pension Scheme (QWPS).

 

At JPM Pensions, we believe it is essential that our clients fully understand these responsibilities but also the range of options and possible cost-saving strategies available to them. JPM Pensions is a dedicated team helping clients overcome the burden of auto-enrolment by providing tailor made solutions and ongoing support to both companies and their employees.

 

As the diagram illustrates, JPM Pensions provides the glue binding all the elements involved in setting up and running a pensions together allowing you to concentrate on running your business.

 

 

JPM Pensions have a suite of solutions designed for the different size, complexity and approach of business in the SME market and can help you every step of the way:

 

 

 

 

 

 

 

 

 

 

 

 

 

Scheme Design

The Workplace Pension legislation simply describes the minimum a company must do to meet its requirements but that might not be what an employer is looking to achieve in terms of building a suitable and competitive remuneration package for some or all of their employees.

 

At JPM Pensions we investigate your individual needs and then build a tailor-made solution. This will include:

 

  • Analysis of employee data, age and salary range, type of worker
  • Definitions of pensionable salary to use
  • Any existing arrangements, their suitability and options available
  • Initial contribution levels and phasing of increases required
  • Consideration of separate categories of membership for different grades of staff
  • Use of sacrifice and other pay review strategies

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Provider Selection

There are a wide range of providers in the market place but their terms, processes and support can vary greatly. JPM Pensions use their extensive experience to recommend a suitable provider that meets your individual needs and circumstances using selection criteria such as:

 

  • Size and financial strength
  • Investment range and past performance
  • Commitment to this section of the market
  • Technology and functionality
  • Proven track record for administration, governance and service
  • The “member experience”

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Implementation

The team at JPM Pensions will lead you through the process and liaise with all necessary parties involved to minimise the work for you and ensure a smooth implementation of your fully compliant scheme. This will include:

 

  • Project Management – making sure decisions and actions proceed in a timely fashion
  • Provider – completion of documentation and submission of data
  • Compliance – Declarations and certificates prepared and submitted to the Regulator
  • Employee communication – all formal written communication required
  • Payroll – guidance on the set up of deductions and production of necessary reports
  • Presentations and member 1-2-1s

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Ongoing Governance

Once your Qualifying Scheme is established, JPM Pensions will continue to work alongside, you providing pro-active advice and guidance, throughout the lifetime of your scheme. The main element of this will be the Annual Stewardship meeting and report covering:

 

  • Compliance with legislation, regulations and reporting to the Regulator
  • Provider review and comparison with the market
  • Processes for assessment, auto-enrolment and re-enrolment of your workforce
  • Updating member communication and documentation
  • Review of investment performance and suitability of the default fund
  • Reviewing and amending scheme and benefit provision where appropriate

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Member Support

The Pension regulator has stated that its overriding strategic aim in its approach to Defined Contribution regulation is to support the market in delivering good outcomes for members. JPM Pensions fully support this aim and are able to provide assistance to your employees in the following areas:

 

  • Choosing the right level of personal contributions
  • Review of existing arrangements and possible merits of transferring
  • Making investment choices to suit their circumstances and attitude to risk
  • Planning and advice in the approach to retirement
  • Monitoring their position towards intended goals
  • Settlement of benefits at, and beyond, retirement

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Replacement Schemes

An ever growing number of employers have become dissatisfied with their current scheme and/or provider and are looking for replacement schemes – now known as the Secondary Market. In these circumstances, JPM Pensions take over as advisers to a scheme and work alongside the Company to achieve the desired results for both them and their employees. This can take a number of forms such as:

 

  • Implementing better processes and systems to avoid errors and omissions
  • Amending existing investment options and default funds
  • Renegotiating terms with the existing provider
  • Consideration of the transfer of benefits to a new provider
  • Establishing a completely new scheme for future contributions, if appropriate
 


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If you have any enquires relating to a Workplace Pension scheme, Please call Gareth Rees Smith on 0121 270 4800
or alternatively contact us

ADDRESS

Head Office:
JPM House | Coombs Wood Court | Steel Park Road
Halesowen | West Midlands | United Kingdom | B62 8BF
Worcester:
JPM House | 3 The Avenue | The Cross
Worcester | WR1 3QA

Tel: 0121 270 4800
Fax: 0121 270 4801

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