Taking into account factors such as accessibility, compatibility and costs, we’ll guide you through some of the best pension providers in the UK. Aviva is a British multi-insurance company with a London headquarters. It only takes ten minutes to apply for the pension service, with no set-up fees. Employees also pay fees of 0.4% per month. This means your payroll provider or in-house service needs to be able to provide the scheme provider with the relevant data and information, and/or process and handle the administration for the scheme. Alternatively, if you’re ready to compare quotes for auto enrolment straight away, simply fill in the form at the top of the page. The data we collect is anonymised. Occupational pension schemes are arrangements established by employers to provide pension and related benefits for their employees. Smart Pension does not have many fees at all compared with other workplace pension providers. Choosing a pension provider for your small business is a major decision, and it can be difficult to know how to make the right choice for your business’ needs. As a small business, you will have been given a specific date by which you need to have selected an auto enrolment pension scheme, and to have enrolled eligible workers. Through its Pensions Gateway site, you can be sure of security, as well as 24/7 access. Creative Auto Enrolment is best for its ‘one-stop-shop’ online solution and ongoing support. News About us Governance Contact us Sign in Sign ... Set up a workplace pension or switch your current pension provider. Your browser currently has javascript disabled. Aviva’s auto enrolment service is fast, simple, and designed to be accessed by businesses of any size. NEST is effectively a public body that’s accountable to the Department for Work and Pensions. There are exclusions, such as if you're self-employed or you're a … The Pensions Act 2008 is an Act of the Parliament of the United Kingdom.The principal change brought about by the Act is that all … Therefore when choosing an Auto Enrolment pension scheme there are a number of factors to consider when deciding which scheme is best for your employees and your company. ... Will the pension provider levy charges on the employer? When considering auto enrolment pension scheme providers, it can become confusing and difficult to work out which company and scheme will work best for your business. The following have told us they are open to small employers: There are a number of things you should check before you choose a pension scheme. Automatic enrolment is a Government initiative to help more people save for later life through a pension scheme at work. This is called ‘automatic enrolment’. We also use optional cookies to improve our services and tell us if you have seen our advertising. Total minimum 8% contribution We can’t advise whether or not a scheme qualifies. We use necessary cookies to make our website work. This Tab maintains summary regarding the Pension provider and scheme. Smart Pension does not have many fees at all compared with other workplace pension providers. Choose from ‘Simply Comply’ if you pay your employees weekly or monthly, or ‘Simply Tailor’ if you need a more bespoke arrangement with different amounts paid in for different employees, or need to enact postponement. Startups.co.uk are trading styles of Marketing VF Ltd, an Appointed Representative of Resolution Compliance Limited which is authorised and regulated by the Financial Conduct Authority (FRN: 574048). Let those aged 60+ join. You should look at different schemes before you decide which is suitable for you and your staff. In QuickBooks Online, we have a list of some of the more popular pension providers that meet auto enrolment requirements. If you’re unsure, speak to your pension provider. It was set up by the government to make the process of pension auto-enrolment easier for employers. Creative Auto Enrolment operates slightly differently from other providers, in that it manages the auto enrolment process after you have closed your payroll run. SCOTTISH BAKERS SELECTS NOW: PENSIONS AS ITS PREFERRED PROVIDER FOR AUTO ENROLMENT . We cannot recommend or endorse any particular pension scheme or any organisation. To check if an adviser is authorised by the Financial Conduct Authority, search the FCA register. Your browser is out of date, and unable to use many of the features of this website. It’s also been awarded a five star rating by Defaqto. This means that the Smart Pension scheme is quick and easy to set up, and takes much of the legwork out of assessing your staff, generating letters, and communications. Learn more. Pension Details. Scottish Bakers, the trade association which represents and promotes the interests of 280 Scottish Bakers has selected workplace pensions’ provider NOW: Pensions as its preferred provider for auto enrolment. Now, it’s no longer a choice but an obligation – you must automatically enrol eligible workers, and contribute. Workplace pensions and automatic enrolment - how you're affected, how pensions are protected, what happens if you move job or go on maternity leave and how to opt out The People’s Pension is best for workplace pensions schemes specifically for small businesses, without ongoing fees. However, NEST may not be the most suitable choice for businesses wanting to use the same provider for multiple services, as it’s designed for auto enrolment specifically. New regulations in the UK mean that all employers not already providing pensions will need to put their staff into a pension scheme and contribute towards it. Auto enrolment Most workers in the UK are automatically enrolled into a workplace pension scheme by their employer. To help you manage your schemes, you can quickly and easily set them up in Payroll. Straightforward auto enrolment solutions If you are looking for a straightforward auto enrolment solution then our WorkSave Pension Plan offers flexibility, a range of investment options and a simple, efficient enrolment process. There are no ongoing fees for employers. Across its services, Aviva has 33 million customers globally, including more than 15 million customers across the UK. You and your staff will pay money into this scheme to help your staff save for their retirement. Your chosen auto enrolment pension scheme must be tax registered in the UK. You should also consider whether the automatic enrolment pension scheme you select offers administrative support, including processing opt-ins, or assessing eligible workers. Nevertheless, the provider has the lowest cost structure among all workplace pension providers analysed in the report. In QuickBooks Online, we have a list of some of the more popular pension providers that meet auto enrolment requirements. Employers did not even have to offer a company pension scheme in the first place. In return, they will usually offer a package of support that eases the ongoing administration and communications costs associated with auto enrolment. You can find pension schemes in a number of ways including schemes that have been independently reviewed, the government scheme and schemes listed on industry websites. For automatic enrolment, you need to have a qualifying pension scheme. 10 articles in this collection Written by Smart Pension Employee Support, Smart Pension Support, and Sam Barton. Moorepay's auto enrolement service includes easy integration with HR software, pension providers and the Pensions Regulator. Your employees should not have to do anything to facilitate this. As a result of the staging dates, it is vital that you review auto enrolment providers and small company pension schemes as soon as possible, in order to make the best possible choice for both you as an employer, and for your workers. In February 2016, ShareAction published an ethical ranking of the biggest providers of ‘auto enrolment’ pensions in the UK. This website requires javascript. You'll need to choose a pension scheme that is set up for automatic enrolment. Download press release. There is also no lock-in, meaning it won’t cost you to leave at any point. NEST don’t charge for transfers in and out of its funds, either. Additionally, you can choose between the Smart Pension workforce assessment tool, or your own existing payroll software. Smart Pension is best for its no upfront costs, and its compatibility with a range of payroll software. If you have been automatically enrolled into a workplace pension scheme, there are special rules for the first deduction of contributions on automatic enrolment. There are no shareholders or owners, making it unique in that regard, and able to keep its fees low. We’ll provide the information you need to know to help you select a scheme that’s most suitable for your start-up. Pension auto-enrolment: how it works Auto-enrolment is the government scheme that helps you save into a pension. Cookies are small files stored on your device. Startup loans can be a great option. Check whether your current scheme meets the requirements of a government pension auto enrolment scheme. This includes whether it will accept all your staff, how much it will cost, whether it uses the best tax relief method for your staff and whether it will work with your payroll. Your pension provider might already be compliant with auto enrolment. The People’s Pension – the second biggest master trust in the market - has come out last in a ranking of workplace pension and auto-enrolment providers. All employers must provide a workplace pension scheme. On the other hand, it charges a setup fee. We use cookies. The Irish government is stepping up plans to require businesses and their employees to use private pension schemes. Pension Schemes. There are two different sign-up options for employers. Your chosen auto enrolment pension scheme should be straight-forward and easy to administer within your payroll service. Some have lower minimum payments than others. Smart Pension helps you with auto enrolment. Auto enrolment is administered by the Pensions Regulator, and requires employers to set up a scheme and make contributions towards each employee who: There are a number of different factors you need to consider: It seems obvious, but not all schemes or providers are actually auto enrolment pension providers. Aviva is best for its global popularity, and its accessibility for any size of business. As the employer, you will need to pay a monthly employer’s service charge. Your pension provider might already be compliant with auto enrolment. < I'm an employer who has to provide a pension, Step 2. Communication between your payroll and Creative Auto Enrolment is vital for this to work. It has been created specifically to meet the needs of auto enrolment, making it an attractive, straight-forward option. The setup process is web-based, making it quick and easy, and a support team is on hand to help should you need them. Pension schemes. Visit our page on auto enrolment for more specific details. Fees include a setup cost, which is levied as a £20 per month (plus VAT) fee no matter how many workers you enrol. Pension provider Many pension providers charge for their auto enrolment services. The company has grown to become one of the largest pension providers in the world. Workers can log in to view their own pension savings, while NEST is free for employers to use in terms of both setup and ongoing costs, and members of the scheme are charged in accordance with a clear pricing structure for whichever fund they opt for. By the beginning of February 2018, all eligible workers in the UK should have been enrolled into a workplace company pension scheme. Advisers. Enabling you to meet your obligations with regards to auto enrolment, Now: Pensions also removes much of the administrative burden. You should do this as soon as you can as it can take some time to complete. Employees who are members of the scheme will be subject to a 0.5% annual management charge. Auto Enrolment and pension software made simple. Employers may pay their contributions to the pension scheme on any date agreed with the scheme provider or trustees. Creative Auto Enrolment invests all of your member’s contributions into Scottish Widows, offering security and reliability. You will be required to meet minimum contributions to the scheme. Automatic enrolment - employing staff for the first time, Automatic enrolment guide for business advisers, Submit reports, payments and requests to us, Workplace pensions - employing staff for the first time, I'm an employer who has to provide a pension, Money Advice Service retirement adviser directory, Making contributions to your pension scheme, Tell us who to contact if someone is helping you with your duties. ©2020 NOW: PENSIONS LTD | Auto Enrolment | The future is now Company registration number: 07766398, VAT number: 125511643. At this point, you’ve learned more about the best pension providers for small business, including what the main features of each provider are and how they could benefit your company. With a range of options and products to choose from, there is no ‘one-size-fits-all’ approach. Auto enrolment workplace pension providers for smaller employers Workplace Pensions will become mandatory for all employers in the UK by February 2018, under the "Automatic Enrolment" scheme. This will be a much later date than other bigger employers, who have likely already faced – and scaled – the hurdle. However, its online solution might not be suited to – or accessible for – all types of businesses. Information on changes to our service, pension regulations and compliance updates. Whether you are using Defined Contribution schemes for enrolment of staff, or Defined Benefit, Broadstone can offer tailored support to help you continue to comply, keeping abreast of changing requirements and market options. Employers are increasingly using schemes run by large, specialist providers that are designed to be used by many different employers. NOW: Pensions is part of the Cardano Group, a market leader in providing risk and investment management services that help make pensions outcomes more stable and robust. It is a low-cost workplace pension scheme that has an obligation to accept all employers that want to use it. See how pension providers measure up: Our auto-enrolment and workplace pension comparison table shows provider credentials, features, support and costs at-a-glance. Now: Pensions is best for its straight-forward and easy to set up process. For more detailed information related to your business’ needs specifically, fill in the form at the top of the page to compare quotes for auto enrolment now. As well as offering a top-range service, the Aviva pension packages available include 200 investment fund options, including ethical and sharia options. Smart Pension offers an auto enrolment pension scheme for small businesses without any upfront charges, making it an enticing and worthwhile option for many small businesses in the UK. Here, we outline some of the common queries you may have as a small business owner about how to choose the best auto enrolment pension provider for your start-up. You'll need to choose a pension scheme that is set up for automatic enrolment. Pension Correspondence: This section deals with all Correspondence related to Auto-enrollment Pension Scheme. These are created under the Pension Schemes Act 1993, the Pensions Act 1995 and the Pensions Act 2008.. Automatic enrolment. This website requires cookies. Visit our Complaints Policy page if you experience issues. Now: Pensions offers a relatively straight-forward and easy to set up system, but its fees need slightly more understanding. S S . Nevertheless, it’s hugely popular – in fact, it’s one of the largest master trust schemes, with 4 million members. This makes it ideal for small and growing businesses. Step 5 – How to auto-enrol and auto re-enrol; Step 6 – Ongoing management of auto-enrolment duties; Step 7 – Sending files to a pension provider; Step 8 – Statutory communications that have to be issued v informing the workforce about your chosen scheme; Step 9 - Compliance risks and dealing with The Pension Regulator * Please note that there are many other pension schemes available that aren't listed on this website. However, its pricing structure is more complex than some other providers. In this guide, find out how pensions auto-enrolment works, when you'll be enrolled and how much you contribute. This date is referred to as the ‘staging date’. Or, read the whole article for a complete guide to the best workplace pension providers. Its aim is to ensure that everyone who should be saving for retirement is doing so, automatically. This plan is ranked at 11 on ShareAction’s chart of auto-enrolment pension providers, scoring four points out of a possible 80, compared with Aviva’s 39 and Nest’s 27. In addition, both you and your employees have access to a dedicated helpline, enabling you to contact support if needed. Get the latest Startup news and information, If your small business needs to provide a pension for its employees, check out our guide to the best workplace pension providers here. Funding is one of the biggest obstacles to new business. The current proposal does not envisage auto-enrolment for those aged over 60. Staff are also on hand to offer you compliance advice. Please enable javascript to ensure you can use this website to its full extent. If you have an accountant, they may be able to help you find a scheme or a financial adviser that can help. Updated: Apr 26, 2019 Published: Apr 8, 2019, Scarlett writes for the automotive, energy, hosting and website sections of the site. Now that you've chosen a pension scheme, you must put your staff into it. This will depend on the nature of the pension auto enrolment scheme you choose. Nest stands for National Employment Savings Trust. Work out who you need to put into a pension scheme >. This means that it will never risk interfering with the usual process. The scheme is compatible with a range of payroll software, including Sage. The People’s Pension is a workplace pension scheme, for employers of any size and from any sector, designed to take the hassle out of auto-enrolment Inclusion of a scheme or mention of any organisation on this website does not guarantee their suitability. All Smart Pension funds are invested in blue chip providers like Legal & General, meaning that there are reduced risks. Set up a qualifying pension scheme. You can also use the Money Advice Service retirement adviser directory, which contains advisers who can help you choose a pension scheme for automatic enrolment. No upfront costs & compatible with a range of payroll software, One-stop-shop online solution & ongoing support, Designed for small businesses & no ongoing fees, One of the most popular providers in the world & accessible by any size business, Best for online solution and ongoing support, Best for straight-forward and easy set up, Best for no upfront costs and payroll software compatibility, Best for small businesses and no ongoing fees, Services are accessible for any size of business, Offers 200+ investment options, including ethical and sharia funds, Large size and scale may be off-putting for the smallest of start-ups, Auto enrolment process is managed uniquely (after payroll run has closed), Part of the Creative Benefits group, Chartered Financial Planners, Online solution may not be suitable for all business types, Creative Auto Enrolment relies on communication with your payroll provider, As it’s a public corporation, it may not be suitable for businesses wanting to use a private provider, Straight-forward and easy to use set-up process, Communications with workers can be managed, There is a cost to employers to setup and use it on an ongoing basis, Choice of Smart Pension tool or your own payroll software, Master Trust Assurance Framework (MAF) accredited, Two different sign-up options depending on your business’ payroll needs, Designed specifically for small businesses, May not be able to accommodate the requirements of growing or larger businesses, Business bank accounts are an essential tool for new businesses. The default fund charges with the workplace pension scheme providers you choose must be within the 0.75% charge cap. By browsing our site you agree to our use of cookies. Auto-enrolment covers people between 22 years old and state pension age (currently going up to 66 for men and women), who earn more than £10,000 (from one job) and work in the UK. In addition, she promotes the newest small businesses by managing the Just Started profiles, and has also contributed to. As it’s a public corporation and a government-run fund, NEST is best for low fees. UK-based support is on hand, through an award-winning contact centre. NEST is the National Employment Savings Trust, set up by the government to facilitate auto enrolment pensions. NEST operates through an online platform, making NEST easy, efficient, and fast. Are you looking for a pension provider with no (or minimal) upfront costs? Smart Pension has a team of experienced professionals who have a strong track record of successfully managing funds. Find the most suitable provider … Additionally, you will need to decide whether you wish to make just the minimum legally required contributions for your workers, or to go above and beyond. The next step will help you to do this. Its offering includes not only the pension scheme set up, but also the ongoing communication and administration. Additionally, members of the scheme will be subject to a monthly active member fee, which is dependent on their earnings. The People’s Pension is a valuable choice for small businesses because of its clear upfront pricing structure, as well as the support offered to ensure you are compliant and meet the relevant regulations. Additionally, your staff will be able to access a free online management dashboard, with up to 20% off other selected Aviva products. Your email address will only be used to reply to your comment. This covers the scheme set-up and ongoing support, as well as communications. The requirements for workplace pension auto enrolment have been phased in over the last few years. There are no setup fees for the standard service, and ongoing charges only apply to certain memberships, which you find out about upon joining. Check out our article on small business pensions for more information. Smart Pension is an automatic enrolment workplace pensions platform designed specifically for UK business. Automatic pension benefits for the employed In the past, many workers missed out on valuable pension benefits, because their employer didn’t offer them a pension or they didn’t apply to join their company’s pension scheme. Auto enrolment providers are those which offer schemes which facilitate automatic enrolment of eligible workers into the scheme. You can set up a default scheme to enrol your employees into and create multiple plans. Pension auto enrolment is a government-led initiative in the UK to ensure workers are saving enough for their retirement. The People’s Pension is designed specifically with small businesses in mind, aiming to make auto enrolment straight-forward and easy. Now: Pensions is proving to be a popular choice for small businesses looking to set up their auto enrolment company pension scheme. Click here to see more information about automatic enrolment. For immediate release: 31 July 2013. This is not an exhaustive list, and we recommend that you select a pension provider that best suits your and your employees' needs. Are you happy to accept these cookies? This partnership combines Cardano’s investment experience in managing large defined benefit pension schemes with NOW: Pensions auto-enrolment platform. Sign up for a. Will your chosen scheme communicate directly with, or help with communications to employees about their auto enrolment pension?