View more on these topics

Case study: administration — implementing a management log

Our client is a leading video game and publishing company best known for its console role-playing game franchises. The client provides a number of benefits, at varying levels and cost that attract a P11d liability. With the absence of a management log to track data for benefit movements, enormous administrative and therefore cost implications were occurring each year just to comply with P11d reporting requirements.

Accuracy, timeliness of data and audit tracking were just a few of a number of risks that were exposed due to the lack of the log. The number of employee queries generated by the issue of P11d statements was highlighted as an additional concern by Johnson Fleming.

Johnson Fleming implemented a management log to track all scheme activity, per employee, per benefit. All scheme activity is now reported by the client monthly and recorded by Johnson Fleming on the log, (Joiners, leavers, addition of family members and changes to levels of benefits). The current P11d benefit is calculated automatically as each change is applied.

While the initial set-up costs were high due to the manually intensive nature of the work required, these have been recouped in year one of operating the system as the P11d benefit, per employee was accurately supplied, with a full audit trail at the close of the tax year.

The results

  • Log provides annual quote and renewal data for all benefits without the need for client input
  • A full audit trail now exists
  • Employee P11d statement queries reduced to one
  • A one-stop shop for employer/employee/insurer queries

Recommended

Guide

Guide: what you need to consider for your auto-enrolment project

In this guide, Johnson Fleming reveals what items you need to understand to gauge the impact of auto-enrolment on your business. The guide focuses on: the impact that your auto-enrolment scheme will have on you; assessing your workforce; understanding your staging date; reviewing your current provision; and modelling contribution levels and costs.

Paul-Smee-700.jpg
2

Signs of hope for Northern Ireland

The Northern Ireland Repossessions Taskforce has released its overview of the Northern Ireland housing market. Northern Ireland house prices now stand at 50 per cent of their 2007 peak level. Negative equity affects 41 per cent of borrowers and Northern Ireland has the UK’s highest level of buy-to-let arrears. Economic recovery is stagnant, with 2013 […]

Thumbnail

Case study: administration — managing group life schemes

Our client leads the global market in high-tech electronics manufacturing and digital media. The trustees of the company’s final salary pension scheme insure death-in-service lump sum and dependants’ pension death benefits for active employees, as well as dependants’ pension benefits for deferred members (those who have left service).

Newsletter

News and expert analysis straight to your inbox

Sign up