Taylor Patterson brings auto enrolment forward 3 years

By Mattioli Woods

05 Dec 2014

Taylor Patterson has recently made the decision to fully implement all the new auto enrolment legislation a full three years before they are required to by law.

Chris Bardin, director, said: “Whilst Taylor Patterson has operated a company pension scheme for many years, we decided to bring forward our staging date to further demonstrate our commitment to this market. We provide advice to many local businesses on dealing with the requirements of auto enrolment and so it was an easy decision to bring forward the implementation of this complex legislation.

"It is really important to us that we provide a quality pension scheme for our staff and I’m pleased to say that 100% of our staff are members of our workplace pension.”

Taylor Patteron's top tips for how should an employer prepare for their workplace pension duties:-Create an action plan Establish your staging date Nominate a dedicated contact Establish what automatic enrolment will cost (from an initial perspective and ongoing) Assess your workforce Establish if your existing scheme is a qualifying scheme Know what business software you use and check its compatibility for payroll data Communicate to workers Set up a qualifying pension scheme Why did Taylor Patterson decide to implement its workplace pension duties early?

"At the start of the year, we decided we wanted to be proactive and continue to promote the benefits of workplace pensions to our staff. At this time we created an action plan which began with analysing our payroll data. This allowed us to consider the financial impact of contributions on the business, especially in light of the rising contribution levels from October 2017 onwards."

What has Taylor Patterson learned from going through the auto enrolment process?

"There are a number of salary definition methods and the cost review analysis we undertook allowed us not only to consider the costs we may incur, but also how the payroll and HR data systems integrated with our scheme provider. Having undertaken this analysis and considered if a different definition basis was suitable for different categories of employee in the business, we were able to agree and implement an effective contribution strategy."

"It is important to note that the contribution basis and categorisation can be changed at any time in the future, subject to meeting the minimum requirements.

"At outset, we were very keen to ensure that our payroll system was fully compatible with our scheme provider and that our payroll systems were auto enrolment ready. As part of this, we ran a number of ‘test’ uploads ahead of our ‘go live date’ to check that the payroll data was being successfully analysed and uploaded, as this is a key step in the process."

Chris went on further to comment: “We knew the current cost of contributions to the business, however we were keen to know the future costs to our business so we can plan accordingly and not be caught unaware.”

The action plan went on to review our existing workplace pension, including the following key questions:- Did the scheme meet qualifying criteria? How suitable is the range of investment funds available? What was the charging structure of the scheme? How satisfied were we with the administration standards? Did the provider have the financial strength to protect our employees interests? Chris added: "We went on to review the existing scheme against the full market place of providers and agreed which scheme provider to use. To ensure all staff were fully aware of the background to the legislative changes and the approach taken by us as employer, we undertook a series of presentations to the staff. This allowed this to ask any questions and gain a better understanding of the changes." Taylor Patterson recognise that for many employers the new workplace pensions requirements, may place a strain on company cashflow and also time costs whilst having to deal with the administration and planning.

Latest news

1

Breck to deliver £150m of affordable homes over four years Breck Development In Progress

Breck to deliver £150m of affordable homes over four years

18 Jul 2024

2

Business board launches to support county's economic growth Lancashire Business Board

Business board launches to support county's economic growth

18 Jul 2024

3

Spirits company opens new whisky distillery Lancaster Spirits Company New Distillery

Spirits company opens new whisky distillery

17 Jul 2024

4

Rayner urged to press on with devo deal Lancashire Devolution

Rayner urged to press on with devo deal

17 Jul 2024

5

Hot 100: Resilience counts in uncertain times Hot 100 Logo

Hot 100: Resilience counts in uncertain times

16 Jul 2024

Bec Web Strip 980x120
Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
Lancashire Built Environment Conference
BEC 315 X 315 Px
Networking
25 Sep 2024

Lancashire Built Environment Conference

Conference and Exhibition Centre, Winter Gardens Blackpool, FY1 1HL

08:30 - 13:00

RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
11 Jun 2024 - 04 Dec 2024

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 16:30

The Business Network Central & East Lancashire
LBV Header (10).png.png
LBV Hub Networking
18 Jul 2024 - 18 Jul 2024

The Business Network Central & East Lancashire

Mytton Fold, Langho, BB6 8AB

11:30 - 14:15

Conversations in Creativity - Creative Networking Event
Untitled design-4.png.png
LBV Hub Networking
18 Jul 2024

Conversations in Creativity - Creative Networking Event

Society1 Coworking Space, Preston, PR1 3LT

17:30 - 19:30

Lancashire Economic Breakfast
LBV Hub Seminars
18 Jul 2024

Lancashire Economic Breakfast

The Mill, St Catherine's Park, Preston, Lancashire

07:15 - 09:00

What are Menopause Action Plans & How to Write One
Menopause Action Plan 2024.png.png
LBV Hub Webinar
19 Jul 2024

What are Menopause Action Plans & How to Write One

~ Online ~, ~ Online ~, ~ Online ~

12:30 - 13:00

Business Networking in Fylde, Blackpool
Blackpool Fylde Image.jpg.jpg
LBV Hub Networking
19 Jul 2024

Business Networking in Fylde, Blackpool

Village Hotel Blackpool, Blackpool, FY3 8LL

07:30 - 09:30

Preston Freelancer MeetUp and Coworking Day
Screenshot 2024-06-13 at 13.55.10.png.png
LBV Hub Networking
30 Jul 2024

Preston Freelancer MeetUp and Coworking Day

Society1 Coworking Space, Preston, PR1 3LT

10:00 - 12:00

Scaling your revenue: From zero to £1m in 60 months
CBP-logo LBV.png.png
LBV Hub Webinar
31 Jul 2024

Scaling your revenue: From zero to £1m in 60 months

Online, Online, Online

08:00 - 09:30

Chamber Breakfast Networking
Chamber Logo1.png.png
LBV Hub Networking
31 Jul 2024

Chamber Breakfast Networking

Pye Motors, Morecambe, LA3 3PF

08:00 - 10:00

Online Women's Health Clinic
clinic.png.png
LBV Hub Webinar
06 Aug 2024

Online Women's Health Clinic

x, Online, x

12:00 - 12:00

International Coworking Day Open Day
1.png.png
LBV Hub Social
09 Aug 2024 - 09 Aug 2024

International Coworking Day Open Day

Society1 Coworking Space, Prestin, PR1 3 LT

10:00 - 13:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV116 Online Graphic
Subscribe now

Weekly news bulletin