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 main automatic enrolment workplace pension providers, please see the table below (for a more comprehensive view including a longer term, 5-year fee comparison please click on the relevant link to see how each of the providers measure up to Smart Pension: NEST/ NOW: Pensions/ The People's Pension/ Creative Auto Enrolment).
To view a more detailed version of our employee fees comparison table in a worksheet, please click here.
|1. Company Fees||Set up |
|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 |
|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
|Charge as a percentage of average AUM (Y1)2||0.75%||3.90%||8.71%||11.62%||0.50%|
|Percentage of Smart |
|Percentage of Smart Pension fees||518%||1,158%||1,544%||66%|
|5 STAR||5 STAR||2 STAR||2 STAR||5 STAR|
|Legal & General funds||Unspecified global companies||Unspecified "Diversified Growth Fund"||Scottish Widows||Unspecified|
* 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.
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 12/09/2017.
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.
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.