Over the next few years, experts have said that around 73% of all small businesses and almost half of micro businesses are expected to have workplace pension duties. New employers taking on their first worker(s) from 1st October 2017 have an immediate duty to provide them with a workplace pension. Employers with an existing pension scheme may also be looking to transfer over to a different provider as over time, some will find that their current provider no longer meets the need of the business or their employees. Also, with re-enrolment just around the corner for many, a number of employers will use it as an opportunity to switch over to a new pension provider. This is where Smart Pension could be the smart choice for you.
With so many providers on the market and undoubtedly little time for you to compare them all, we've done some of the legwork for you. For a comparison of the key features that Smart Pension offers compared to NEST, one of the main workplace pension providers on the market, please see the tables below (for a comparison of Smart Pension and other main automatic enrolment workplace pension providers, click on the relevant link: NOW: Pensions / The People's Pension/ Creative Auto Enrolment).
Smart Pension vs NEST - Key Pension Attributes Comparison
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.
If you think there is an error on this table, please feel free to contact us and we will do our best to correct it.
Why Smart Pension?
Smart Pension was founded by experienced finance and technology professionals and has been designed specifically to support UK businesses faced with the challenges of automatic enrolment. Smart Pension is not only free for employers, it's great value for employees (we only charge a small monthly assets under management (AUM) fee of 0.75%).
Smart Pension is the UK's fastest, most efficient workplace pension platform, with the most advanced set of payroll integrations built in. The award-winning platform has also been MAF-acredited. 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. With thousands of satisfied employers, advisers and employees now using the Smart Pension platform, we know we offer the best workplace pension solution currently available in the UK. Just see for yourself what they have to say about Smart Pension from our Google reviews.
Other main workplace pension provider comparisons
For a comparison between Smart Pension and a selection of other main workplace pension providers on the market, please click the relevant link below:
Managing Director of Smart Pension, Will Wynne, and Anne- Marie O'Leary, editor-in-chief of parenting site, netmums.com, discusses auto enrolment on Sky News and in particular, how it will affect employers who hire home help such as nannies, and don't consider themselves to be employers.