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GETTING READY FOR THE CHANGES

A guide to setting up salary exchange on our auto enrolment system

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CONTENTSDecisions you’ve already made 4Steps for using salary exchange 5Using our AE system 6Using an alternative system 14Decisions and information 18What happens next? 19

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.

INTRODUCTION

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.

THIS IS FOR EMPLOYER USE ONLY AND SHOULDN’T BE RELIED UPON BY ANY OTHER PERSON.

INTRODUCTION

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4

DECISIONS YOU’VEALREADY 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.

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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.

5

DECISIONS YOU’VEALREADY MADE

STEPS FOR USINGSALARY EXCHANGEWhen 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

• Put the required contractual agreements in place so you can use salary exchange for workers joining the scheme.

2. Apply salary exchange rules

• 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.

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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.


You can tell us which workers salary exchange should apply to when you add workers to our AE system.

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.

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.

USING OURAE SYSTEM

7

Categories

ExampleThe 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.

Category – Purple team

Using salary exchange

Not using salary exchange

Category – Orange team

5% Employer5% Worker

Salary exchange - No


Salary exchange - Yes*

Newco

* 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

USING OURAE SYSTEM

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Salary exchange defaultOur 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 Example PLC

• Updates the contract of employment so that any workers who join the pension scheme will use salary exchange unless they request otherwise.

• 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.

• This means salary exchange is not included in the default and can be switched on, on request.

• Salary exchange will automatically apply to any new joiners.

• Salary exchange will not automatically apply to new joiners.

9

Salary floorOur 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.

ExampleNewco 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.

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.

Purple team £16,000 salary

£15,500 salary Purple team

John Smith

Adam White

Salary exchange will be used

Salary exchange won’t 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).

Purple team £16,000 salary

£15,500 salary Purple team

John Smith

Adam White

Salary exchange will be used

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).

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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 1Adam White is assessed as an eligible jobholder and salary exchange applies.

£16,000 salary Employer and worker are keeping

NIC savings

John Smith

Adam White


Salary exchange - Yes

£15,500 salary Employer and

worker are keeping NIC savings



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 toyou

£45.33

Tax and NIC savings

£21.33

We contribute

£66.67Total

£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.

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 2019/20 tax year and a single person’s tax allowance of £12,500. 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.

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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.

Contact Us

Newco

0131 467 8956

[email protected]

Contact Royal London

[email protected]

Corporate Servicing Team 1Royal LondonPO Box 413WilmslowSK9 0EN

0845 60 37 560Mon - Thurs, 8.00am - 6.00pmFri, 8.00am - 5.00pm

0131 524 8873

yourplan.royallondon.com/pension

Joining Noticepage 2 of 4

Can I make changes to my plan?Contact Royal LondonYou 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 intoaccount but they are not bound to follow them.

Contact usContact 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 serviceThe online service is simple to use and so it's the quickest and easiest way to opt out of theplan.

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 berefunded.

You can opt out or stop making contributions in accordance with the scheme rules after thisdate.

If you opt out or stop making contributions, we'll normally enrol you back into the planroughly 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 neverbeen a member of the plan.

If you change your mind we must let you opt in once in any 12 month period. You might beable to opt back into the plan sooner by contacting us.

Name: Mr A WhiteScheme: Newco Group Personal Pension Plan

INTRODUCING OUR GROUP PENSION PLAN

Contact Us

Newco

0131 467 8956

[email protected]

Here to helpWe'll use this margin toexplain some of the termswe've used.

Salary exchangeYou should have alreadyreceived information aboutsalary exchange. This iswhere you exchange part ofyour gross salary in return forcontributions into your plan.This means you won't payany tax or National InsuranceContributions (NIC) on theamount you exchange. Salaryexchange may not be suitablefor everyone. You shouldspeak to us if you don't thinkit's right for you or go toyourplan.royallondon.com/newco for more information.You'll still be automaticallyenrolled if you don't agree tosalary exchange.

Tax and NIC savingsThese figures are calculatedusing your current tax rate.

SalaryContributions are calculatedbased on your pensionablesalary, which may not be thesame as your salary. Contactus for more information onhow your pensionable salaryis calculated.


On 1 November 2014, you'll be automatically enrolled into our group pensionplan. You don't need to do anything to take advantage of this great opportunityto 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 fromyour salary automatically using salary exchange.

We'll also help by contributing to your plan. The retirement savings you build up willprovide you with an income when you retire.

The plan must meet certain Government standards. If we close the plan, or change it so thatit 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 toyou

Tax and NICsavings

Wecontribute

Total

£45.33 £21.33 £66.67 £133.33


gross salary


gross salary

Where will my money be invested?We've chosen an investment option for the plan so your retirement savings will be lookedafter 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 1November 2014.

Cost toyou

£45.33

Tax and NIC savings

£21.33

We contribute

£66.67Total

£133.33


gross salary


gross salary

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.

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.

Example communication using salary exchange

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Example 2John Smith is assessed as an eligible jobholder and salary exchange doesn’t apply.


NIC savings

John Smith

Adam White


Salary exchange - Yes

£15,500 salary Employer and

worker are keeping NIC savings



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?

Youcontribute

£43.92

Tax man contributes

£20.66

We contribute

£64.58Total

£129.17


gross salary


gross salary

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 2019/20 tax year and a single person’s tax allowance of £12,500. 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.

Name: John SmithScheme: Newco Group Personal Pension Plan


Contact Us

Newco

0131 467 8956

[email protected]


Tax reliefYou get tax relief onyour regular and singlecontributions at the currentbasic rate. This meansthat each time you make acontribution into your plan,so will the taxman. Taxrelief depends on individualcircumstances and maychange in the future. If youpay higher rate income tax,you may be able to claim extratax relief through your taxreturn or by contacting yourlocal tax office.

SalaryContributions are calculatedbased on your pensionablesalary, which may not be thesame as your salary. Contactus for more information onhow your pensionable salaryis calculated.



What does this mean for me?You'll have your own plan and you'll make a monthly contribution which will be taken fromyour salary automatically.

When you start saving into your plan, so will the taxman. This is called tax relief.



How much will the monthly contributions be?

Youcontribute

The taxmancontributes

Wecontribute

Total

£51.67 £12.92 £64.58 £129.17


gross salary


gross salary


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


Youcontribute

£51.67

Tax man contributes

£12.92

We contribute

£64.58Total

£129.17


gross salary


gross salary

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.

Whether the worker is using salary exchange or not, the breakdown of contributions in the joining communications are tailored specifically for that worker.

Example communication not using salary exchange

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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.

ExampleFirst 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

Y 5 5 Purple Y

John Smith JL222222A 22222 01/11/2015 01/11/2015 Worker enrolment

Y 5 5 Purple N

Jane Black JL333333A 33333 01/11/2015 01/11/2015 Worker enrolment

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.

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USING AN ALTERNATIVE

SYSTEMYou 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.


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.

15

USING AN ALTERNATIVE

SYSTEM


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

Category – Purple team

Using salary exchange

Not using salary exchange

Category – Orange team



10% EmployerSalary exchange - Yes*

Newco

* This will not include the salary exchange basis, default or salary floor.


NIC savings

John Smith

Adam White

10% EmployerSalary exchange - Yes

£15,500 salary Additional employer information supplied



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.

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

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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.

ExampleAdam White is assessed as an eligible jobholder and salary exchange applies.


NIC savings

John Smith

Adam White

10% EmployerSalary exchange - Yes

£15,500 salary Additional employer information supplied



The auto enrolment communications include the following information about his pension contributions.

Name: Mr A WhiteScheme: Newco Group Personal Pension Plan


Contact Us

Newco Limited

0131 467 8956

[email protected]


Salary exchangeYou should have alreadyreceived information aboutsalary exchange. This iswhere you exchange part ofyour gross salary in return forcontributions into your plan.This means you won't payany tax or National InsuranceContributions (NIC) on theamount you exchange. Salaryexchange may not be suitablefor everyone. You shouldspeak to us if you don't thinkit's right for you or go toyourplan.royallondon.com/newco for more information.You'll still be automaticallyenrolled if you don't agree tosalary exchange.

Joining Noticepage 1 of 2 AE02/999999//0


What does this mean for me?You'll have your own plan and you'll make a monthly contribution which will be taken fromyour salary automatically using salary exchange.



How much will the monthly contributions be?£133.33 will be paid into your plan every month.


Who will run the plan?We've chosen Royal London to run the plan. They are pension experts and you'll benefitfrom their expertise and excellent service at every step to your retirement. To find out morevisit yourplan.royallondon.com/newco


Can I make changes to my plan?Contact Royal LondonYou 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 intoaccount but they are not bound to follow them.

Contact usContact us if you'd like to:· Save more - Increase the amount you're contributing.

How much will monthly contributions be? £133.33 will be paid into your plan every month.

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.

Example communication using salary exchange

17

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.

ExampleFirst 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.

1818

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.

DECISIONS ANDINFORMATION

WHAT HAPPENSNEXT?

DECISIONS ANDINFORMATION

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.

WHAT HAPPENSNEXT?

19

April 2019 14G0654/6

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