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Payroll World Conference 2013 Head Chris Deeson Smarter Simpler Better
- 1. Payroll World Conference 2013 Chris Deeson | Head of Service Development Smarter. Simpler. Better. Smarter. Simpler. Better. Smarter. Simpler. Better. @nowpensions
- 11. Afghanistan stability / COIN Dynamics Smarter. Simpler. Better. @nowpensions
- 17. The finish line is just the beginning of a whole new race… Smarter. Simpler. Better. @nowpensions
- 18. Summary • Determine your objectives • A simple solution is often cheaper than a “clever” solution • Make your decisions • Plan together • Stick to the plan • Keep sticking to the plan • A successful project is only the start of a successful ongoing process Smarter. Simpler. Better. @nowpensions
- 19. What is Auto Enrolment? Smarter. Simpler. Better. @nowpensions
- 20. Supported by ATP NOW: Pensions is a UK occupational pension plan. Membership is only available through an employer. NOW: Pensions Limited, registered in England and Wales. Registered address: 3rd floor, 164 Bishopsgate, London, EC2M 4LX, UK. Our VAT number is 127894966. This is written as a general guide only. It should not be relied upon as a substitute for specific professional advice. Please note past performance is not a guarantee of future returns.” www.nowpensions.com 0 333 33 222 22
Notas do Editor
- Some important facts and personal views on where we are as an industry and the challenges we havePensions is changing – Seismic shift!So understanding back drop and implications is keyCommunication/engagement are buzz words – reality is people need to save for a better financial outcome
- You want……You’re an employer, you’re important, AE is complicated it’s been a hard year you deserve a bit of pampering from your pension and payroll providers. A bit of one on one time……………….
- You’d settle for…..A relatively tight timetable, a short wait but achievable
- You get………….That feeling when you justified not being quite as organised as you wanted to be, as you figured if you turned up late you’d miss the rushYou’re current pension provider doesn’t want you any moreYou’re payroll provider hasn’t released their product yetYou’re IT resource is working on a project for the CEOTUPE? What TUPE?Lesson – it’s never too earl
- You want……A simple compliant scheme that everyone can understand, payroll can set up and that HR can explain to your workers
- You’d settle for………..A 2 tier approach – one for the permanent staff and one for everyone else
- You get………………..A significant outlay including a large number of things that you don’t use and you probably didn’t set out to buyWhat are you trying to achieve?Compliance – Yes Minimal disruption - YesMinimal cost – PossiblyAn integrated approach with your HR recruitment and retention policy – let’s hope soKey to success is having a defined set of goals and then sticking to them.There are no prizes for covering every base, but plenty of kudos for delivering something that adds value, is on time and works99% of members end up in the default fund, so why have 75 options when you could just have 1?
- How to avoid?Define clear objectives, taking your requirements into account
- How to avoid?Do some reconnaissance.What is your payroll provider’s solution?Where do you want to do your assessment – managing risk says do it within payroll, but is that possible?Will your existing GPP meet your AE commitments for the rest of your workers? Do they want to keep the existing GPP on the same terms?Who is going to do your communications to the whole workforce?Can you spare the resources?If you don’t know how your AE landscape looks know then you can’t plan for success.
- How to avoid?PLAN – involve all parties, ensure that they have booked you in.Communicating an intention to go with a provider is not the same aas signing up and setting the timelines.
- There are 2 approaches to strategy complicated (often prefaced with a “clever” comment such as “if you do it this way you will save some money in contributions”
- And simpleOften more effective, often saving more in implementation and running costs than you would have saved using the “clever” method
- Do not become distracted once you have set your course – everyone thinks they know a better (self-interested?) way.Do listen to your payroll and pension providers – they have done this before and have experience, but once they agreed the plan, then don’t get side-tracked.
- Really – don’t get side-tracked.Everything you can keep simple – keep simple.
- Stick to the Plan!Try and avoid the mid-point slump.
- Celebrate success (together)
- But remember – you’ve only finished the Staging and initial postponement, the solution has to continue working forever
- SummaryUse of technology IS the way forwardNeeds to be focussed and delivered in line with other information/media processesRelevance is key – who it is for what is the message to be conveyed and critically what needs to be done by the recipientCan spend a fortune but sometimes simple low cost approach can give best “value”Remember to look at all channels and select those that meet the need – also remember to keep reviewing and measuring how well the objectives have been met.Continuous process as pace and options keep evolving.