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||NOW: Pensions|| |
|The People's Pension|
|1. Company Fees||Set up fee||Free||Free||Free||Free||£500 + VAT††|
|Ongoing fee||Free||Free||£432 p.a. + VAT*||£240 p.a. + VAT†||Free|
|Total charge||Free||Free||£432 + VAT*||£240 + VAT†||£500 + VAT††|
|2. Employee Fees||Average UK salary1||£27,200||£27,200||£27,200||£27,200||£27,200|
|Average AUM (Y1)2||£214||£214||£214||£214||£214|
|Admin fee rate||Free||1.80%||£1.50 / month||£2.00 / month||Free|
|Charge as a percentage of average AUM (Y1)2||0.75%||3.90%||8.71%||11.62%||0.50%|
|Percentage of Smart Pension fees||518%||1,158%||1,544%||66%|
|3. Key Pension Attributes||Master Trust Assurance Framework?|||||||||||
|Mentioned On The Pensions Regulator's Website|||||||||||
|Defaqto rating||5 STAR||4 STAR||2 STAR||3 STAR||5 STAR|
|Employee investment fund||Legal & General funds||Unspecified global companies||Unspecified "Diversified Growth Fund"||Scottish Widows||Unspecified|
|Participation agreement lock-in?||NO||NO |
However contributions cannot be taken out if members leave the scheme.
|2 years||NO |
However there is an immediate compulsory 3 month postponement.
|Automated contribution calculation, assessment & communications?|||||||||||
|Automated employee education?|||||||||||
|2 step verification security available?|||||||||||
|Fully secure HTTPS website?|||||||||||
|Digital direct debit|||||||||||
|Automated company lookup|||||||||||
|Live customer service chat|||||||||||
|Automated business address cleansing|||||||||||
* 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.
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.