Fee, Costs & Key Pension Attributes Comparison

Smart Pension is free for employers, and great value for employees. In addition, sign up with Smart Pension and you'll be using the UK's fastest, most efficient workplace pension platform, with the most advanced set of payroll integrations built in. Finally, thanks to our strategic partnership with Legal & General, you'll have peace of mind that your employees are being offered sophisticated, secure, blue chip investment options, that will help them safely provide for their future.

For a comparison of the key features that we offer compared to other providers, please see the table below.

To view a more detailed version of our employee fees comparison table in a worksheet, please click here.

Great value A selection of the main workplace pension providers
Year
One Only
Smart
Pension
NEST
Pensions
NOW:
Pensions*
Creative
AutoEnrolment†
The People's
Pension††
Fees For Employees Per Payroll Period NEST NOW: Pensions* Creative AutoEnrolment† The People's Pension††
1. Company
Fees
1. Company Fees Set up
fee
Set up fee Free Free Free Free Free £500 + VAT††
Ongoing
fee
Ongoing fee Free Free Free £432 p.a. + VAT* £240 p.a. + VAT† Free
Total
charge
Total charge Free Free Free £432 + VAT* £240 + VAT† £500 + VAT††
2. Employee
Fees
2. Employee Fees Average UK
salary1
Average UK salary1 £27,200 £27,200 £27,200 £27,200 £27,200 £27,200
Qualifying
earnings
Qualifying earnings £21,376 £21,376 £21,376 £21,376 £21,376 £21,376
Contributions
(Y1)
Contributions (Y1) £428 £428 £428 £428 £428 £428
Average
AUM (Y1)2
Average AUM (Y1)2 £214 £214 £214 £214 £214 £214
AMC3
Year One
AMC3 0.75% 0.75% 0.30% 0.30% 0.40% 0.50%
Admin
fee rate
Admin fee rate Free Free 1.80% £1.50 / month £2.00 / month Free
Total
charge
Total charge £1.61 £1.61 £8.34 £18.64 £24.86 £1.07
Charge as a percentage
of average AUM (Y1)2
Charge as a percentage of average AUM (Y1)2 0.75% 0.75% 3.90% 8.71% 11.62% 0.50%
Percentage of Smart
Pension fees
Percentage of Smart Pension fees 518% 1,158% 1,544% 66%
3. Key Pension
Attributes
3. Key Pension Attributes Master Trust
Assurance Framework?
Master Trust Assurance Framework?
Mentioned On The Pensions
Regulator's Website
Mentioned On The Pensions Regulator's Website
Defaqto
rating
Defaqto rating 5 STAR 5 STAR 4 STAR 2 STAR 3 STAR 5 STAR
Employee
investment fund
Employee investment fund Legal & General funds Legal & General funds Unspecified global companies Unspecified "Diversified Growth Fund" Scottish Widows Unspecified
Sharia
Fund?
Sharia Fund?
Guaranteed
acceptance?
Guaranteed acceptance?
Participation
agreement lock-in?
Participation agreement lock-in? NO NO NO‡ NO However contributions cannot be taken out if members leave the scheme. 2 years NO‡‡ NO However contributions cannot be taken out if members leave the scheme. NO
Automated contribution calculation,
assessment & communications?
Automated contribution calculation, assessment & communications?
Automated
employee education?
Automated
employee education?
2 step verification
security available?
2 step verification security available?
Fully secure
HTTPS website?
Fully secure HTTPS website?
Digital
direct debit
Digital direct debit
Automated
company lookup
Automated company lookup
Live customer
service chat
Live customer service chat
Automated business
address cleansing
Automated business address cleansing
Electronic
Signature
E-Signature

‡ NO. However contributions cannot be taken out if members leave the scheme.

‡‡ No. However there is an immediate compulsory 3 month postponement.

* NOW: Pensions charges employers up to £36 per month + VAT for a workplace pension. Please click here for details.

† Creative Auto Enrolment charges employers up to £300 + VAT to set up a workplace pension. Please click here for details.

†† The People's Pension charges employers up to £500 + VAT for setting up a workplace pension. Please click here for details.

1 Source: Annual Survey of Hours and Earnings - ONS - 2014.

2 AUM = Assets under management.

3 AMC = Annual management charge.

To view a more detailed version of our long term fees comparison table in a worksheet, please click here.

Advisers & Our Platform

IFAs and middleware providers may charge fees to the company to advise or to provide auto enrolment services, however there would still be additional underlying pension fees. Smart Pension is 100% free for employers and great value for employees. If you prefer to outsource your auto enrolment to a trusted adviser, we are happy to work with your IFA, accountant, bookkeeper or payroll bureau to set up your workplace pension.

Advisers and agents can find out more here.

These calculations were based on correct competitor pricing as at 14/01/2016.

If you think there is an error on this page, please feel free to contact us and we will do our best to correct it.

* NOW: Pensions charges employers up to £36 per month + VAT for a workplace pension. Please click here for details.

† Creative Auto Enrolment charges employers up to £20 per month + VAT to set up a workplace pension. Please click here for details.

†† The People's Pension charges employers up to £500 + VAT for setting up a workplace pension. Please click here for details.

1 Source: Annual Survey of Hours and Earnings - ONS - 2014.

2 AUM = Assets under management.

3 AMC = Annual management charge.

To view a more detailed version of our long term fees comparison table in a worksheet, please click here.

Not only are we phenomenally good value for employers (free!) and employees, but we are also the quickest and most efficient solution in the industry and we offer sophisticated, secure, blue chip investment options. Why choose anyone else?

These calculations were based on correct competitor pricing as at 14/01/2016.

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