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 NEST NOW: Pensions

Creative AutoEnrolment

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
Qualifying earnings £21,376 £21,376 £21,376 £21,376 £21,376
Contributions (Y1) £428 £428 £428 £428 £428
Average AUM (Y1)2 £214 £214 £214 £214 £214
AMC3 0.75% 0.30% 0.30% 0.40% 0.50%
Admin fee rate Free 1.80% £1.50 / month £2.00 / month Free
Total charge £1.61 £8.34 £18.64 £24.86 £1.07
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
Sharia Fund?
Guaranteed acceptance?
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.
NO
Automated contribution calculation, assessment & communications?
Automated employee education?
2 step verification security available?
Fully secure HTTPS website?
Digital direct debit
Automated company lookup
Automated AML check
Live customer service chat
Automated business address cleansing
E-Signature

* 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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