Over the next few years, it is expected that around three-quarters of all small businesses and almost half of micro businesses will have workplace pension duties. New employers hiring staff for the first time from 1st October 2017 will have to provide them with a workplace pension immediately i.e. on the day their first employee starts work. A number of employers will already have a workplace pension scheme in place but over time have found that it is no longer the right fit for them and maybe looking to transfer to a new pension scheme. With a variety of providers on the market to choose from, making sure that you select the right pension scheme for your business and your employees can be overwhelming.
To help make it a less daunting task, we've researched and compared a selection of the main workplace pension providers. For a comparison of the fees and key features that Smart Pension offers compared to The People's Pension, 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: PensionsNESTCreative Auto Enrolment).
Smart Pension vs The People's Pension 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?
Founded by experienced finance and technology professionals, Smart Pension has been designed specifically to support UK businesses faced with the challenges of setting up a workplace pension scheme following the new automatic enrolment legislation. Smart Pension is MAF-accredited, the gold standard for workplace pensions. With a strategic partnership with Legal & General in place, you can rest assured that your employees are being offered sophisticated, secure, blue-chip investment options, that will help them safely provide for their future.
Smart Pension is not only free for employers and advisers (no set-up fees or ongoing fees), it’s also great value for employees (we only charge a small monthly assets under management (AUM) fee of 0.75%). As a result, we are now seeing a new business enrol their staff in a pension every seven minutes. Being the UK's fastest, most efficient workplace pension platform, with the most advanced set of payroll integrations built in, we have thousands of satisfied employers, advisers and employees now using the Smart Pension platform. 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.