Sovereign Auto Enrolment Solutions and our sister company, Sovereign Wealth, are currently undergoing a programme of rebranding and we are excited to finally share our new logo with you, featured above.
It was time for a refresh but rest assured that our great service, which we hope that you have come to expect, will continue as normal.
You may notice some other small changes over the coming months, so please be aware that we may look a little bit different when we contact you. Although if you are ever unsure that it’s us, please just give us a call, we will be more than happy to hear from you.
Coronavirus Job Retention Scheme
A brief summary of important updates
- From the 1st of July, we will be entering a new phase of ‘flexible furloughing’, giving employers the flexibility to decide their own arrangements for them and their employees. This will allow employees to come back to work part time, although employers will be responsible for paying their wages while at work.
- From 1st of August, the government will still pay the 80% of wages up to a cap of £2,500, and employers will have to pay both employer National Insurance contributions (NICs) and employer pension contributions.
- From 1st of September, the government will pay 70% of wages up to a cap of £2,187.50, employers will pay employer NICs and employer pension contributions, but will also have to top up the wages by 10% to 80%, up to a cap of £2,500.
- From 1st of October, the government will pay 60% of wages up to a cap of £1,875, employers will pay employer NICs and employer pension contributions, they will then be required to top the wages up by 20% to 80%, up to a cap of £2,500.
You can read more about the scheme updates here:
Group Life Cover
In these unprecedented times, many of us may be finding ourselves having difficult conversations, including what would happen to our families if we were to die unexpectedly.
As an employer you can provide Group Life Insurance (Death in Service) for your employees. Meaning that if they were to suddenly pass away, the life cover you have put in place for them would help their family cope financially during a difficult time.
Death in Service is a valuable employee benefit that demonstrates your duty of care and can also attract and retain top talent within your business.
If you are interested and would like to find out more, including a non-obligatory quote for your business, please contact us.
Record Keeping & Compliance
We need you to keep us up to date. Please let us know when anyone starts or leaves your employment, so that we may update our records accordingly.
All new employees need to be provided with the statutory communication, ‘new starter letter’, within the first 6 weeks of their employment.
Please ensure that anything received in respect of your pension scheme is kept on file. This includes but is not limited to: correspondence from The Pensions Regulator, correspondence from your pension scheme provider e.g. NEST/The People’s Pension/Royal London, opt in/opt out notices from employees.