We also use optional cookies to improve our services and tell us if you have seen our advertising. News About us Governance Contact us Sign in Sign ... Set up a workplace pension or switch your current pension provider. 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. Pension auto-enrolment: how it works Auto-enrolment is the government scheme that helps you save into a pension. This date is referred to as the ‘staging date’. This partnership combines Cardano’s investment experience in managing large defined benefit pension schemes with NOW: Pensions auto-enrolment platform. In return, they will usually offer a package of support that eases the ongoing administration and communications costs associated with auto enrolment. Let those aged 60+ join. Set up a qualifying pension scheme. Sign up for a. It is a low-cost workplace pension scheme that has an obligation to accept all employers that want to use it. For immediate release: 31 July 2013. It was set up by the government to make the process of pension auto-enrolment easier for employers. In February 2016, ShareAction published an ethical ranking of the biggest providers of ‘auto enrolment’ pensions in the UK. Will your chosen scheme communicate directly with, or help with communications to employees about their auto enrolment pension? Pension provider Many pension providers charge for their auto enrolment services. Mention the Auto-enrolment Staging Date (applicable to particular Employer) and also you may enter the Re-enrollment date. You'll need to choose a pension scheme that is set up for automatic enrolment. Your email address will only be used to reply to your comment. 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. NEST operates through an online platform, making NEST easy, efficient, and fast. Click here to see more information about automatic enrolment. Check out our article on small business pensions for more information. The Irish government is stepping up plans to require businesses and their employees to use private pension schemes. You can click on the links above to be taken straight to that section to learn about that particular provider. We use cookies. 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. The People’s Pension is designed specifically with small businesses in mind, aiming to make auto enrolment straight-forward and easy. In addition, both you and your employees have access to a dedicated helpline, enabling you to contact support if needed. 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. Check whether your current scheme meets the requirements of a government pension auto enrolment scheme. 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. 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. Auto enrolment is administered by the Pensions Regulator, and requires employers to set up a scheme and make contributions towards each employee who: UK-based support is on hand, through an award-winning contact centre. Employers did not even have to offer a company pension scheme in the first place. In QuickBooks Online, we have a list of some of the more popular pension providers that meet auto enrolment requirements. Charges for members are broken down into two parts: an annual management charge (AMC) of 0.3% of the total value of each member’s fund, and a contribution charge of 1.8% on each new contribution made into a member’s pension scheme. The next step will help you to do this. As part of the setup process, If you already operate a pension scheme, you need to check that it meets the qualifying criteria for Automatic Enrolment. These are created under the Pension Schemes Act 1993, the Pensions Act 1995 and the Pensions Act 2008.. Automatic enrolment. But depending on your membership, some ongoing charges may apply. 6 April 2019 onwards Employer minimum contribution 3% qualifying earnings. There are no setup fees for the standard service, and ongoing charges only apply to certain memberships, which you find out about upon joining. Its offering includes not only the pension scheme set up, but also the ongoing communication and administration. Nevertheless, it’s hugely popular – in fact, it’s one of the largest master trust schemes, with 4 million members. 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 How to set up a new workplace pension scheme with Smart Pension. Your browser is out of date, and unable to use many of the features of this website. Employers are increasingly using schemes run by large, specialist providers that are designed to be used by many different employers. Nevertheless, the provider has the lowest cost structure among all workplace pension providers analysed in the report. Smart Pension is an automatic enrolment workplace pensions platform designed specifically for UK business. For employers, there is a clear one-off setup fee of £500 plus VAT, which can be reduced to £300 plus VAT if you go through a business adviser. Taking into account factors such as accessibility, compatibility and costs, we’ll guide you through some of the best pension providers in the UK. The requirements for workplace pension auto enrolment have been phased in over the last few years. 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 Your pension provider might already be compliant with auto enrolment. Creative Auto Enrolment is best for its ‘one-stop-shop’ online solution and ongoing support. ©2020 NOW: PENSIONS LTD | Auto Enrolment | The future is now Company registration number: 07766398, VAT number: 125511643. This will depend on the nature of the pension auto enrolment scheme you choose. Auto Enrolment and pension software made simple. Employees who are members of the scheme will be subject to a 0.5% annual management charge. Aviva’s auto enrolment service is fast, simple, and designed to be accessed by businesses of any size. 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. We cannot recommend or endorse any particular pension scheme or any organisation. All Smart Pension funds are invested in blue chip providers like Legal & General, meaning that there are reduced risks. 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. Smart Pension is best for its no upfront costs, and its compatibility with a range of payroll software. Now: Pensions offers a relatively straight-forward and easy to set up system, but its fees need slightly more understanding. 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. 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. Additionally, members of the scheme will be subject to a monthly active member fee, which is dependent on their earnings. It has been created specifically to meet the needs of auto enrolment, making it an attractive, straight-forward option. Inclusion of a scheme or mention of any organisation on this website does not guarantee their suitability. You can set up a default scheme to enrol your employees into and create multiple plans. 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. Through its Pensions Gateway site, you can be sure of security, as well as 24/7 access. Some have lower minimum payments than others. Aviva’s service offers a range of features, and also provides access to various insurance options, which can help businesses to ensure that every aspect of their responsibility – in terms of auto enrolment, pensions, and workplace insurance – is covered. Smart Pension has a team of experienced professionals who have a strong track record of successfully managing funds. 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. In QuickBooks Online, we have a list of some of the more popular pension providers that meet auto enrolment requirements. As well as offering a top-range service, the Aviva pension packages available include 200 investment fund options, including ethical and sharia options. 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