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. This website requires cookies. 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. 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. 6 April 2019 onwards Employer minimum contribution 3% qualifying earnings. Pension Details. By browsing our site you agree to our use of cookies. Creative Auto Enrolment endeavours to take all the stress out of auto enrolment for workplace pensions, offering a complete ‘one-stop-shop’ online solution. Check whether your current scheme meets the requirements of a government pension auto enrolment scheme. Funding is one of the biggest obstacles to new business. In addition, both you and your employees have access to a dedicated helpline, enabling you to contact support if needed. The People’s Pension is best for workplace pensions schemes specifically for small businesses, without ongoing fees. Auto Enrolment and pension software made simple. Smart Pension is best for its no upfront costs, and its compatibility with a range of payroll software. 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. Automatic enrolment is a Government initiative to help more people save for later life through a pension scheme at work. You also need to consider the different investment options available, and how secure the options will be. Pension provider Many pension providers charge for their auto enrolment services. < I'm an employer who has to provide a pension, Step 2. Learn more. The requirements for workplace pension auto enrolment have been phased in over the last few years. Setting up a scheme. You and your staff will pay money into this scheme to help your staff save for their retirement. The scheme is compatible with a range of payroll software, including Sage. Your browser currently has cookies disabled. 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. Advisers. 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. Aviva is a British multi-insurance company with a London headquarters. 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. This partnership combines Cardano’s investment experience in managing large defined benefit pension schemes with NOW: Pensions auto-enrolment platform. Total minimum 8% contribution 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. It is a low-cost workplace pension scheme that has an obligation to accept all employers that want to use it. It only takes ten minutes to apply for the pension service, with no set-up fees. Nevertheless, the provider has the lowest cost structure among all workplace pension providers analysed in the report. Aviva is best for its global popularity, and its accessibility for any size of business. 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. It has been created specifically to meet the needs of auto enrolment, making it an attractive, straight-forward option. In QuickBooks Online, we have a list of some of the more popular pension providers that meet auto enrolment requirements. The Irish government is stepping up plans to require businesses and their employees to use private pension schemes. We also use optional cookies to improve our services and tell us if you have seen our advertising. Additionally, your staff will be able to access a free online management dashboard, with up to 20% off other selected Aviva products. How to set up a new workplace pension scheme with Smart Pension. 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 … 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. 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. It offers a secure investment choice, and is Master Trust Assurance Framework (MAF) accredited. Pension auto-enrolment: how it works Auto-enrolment is the government scheme that helps you save into a pension. 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. Creative Auto Enrolment invests all of your member’s contributions into Scottish Widows, offering security and reliability. This means that it will never risk interfering with the usual process. Occupational pension schemes are arrangements established by employers to provide pension and related benefits for their employees. Your pension provider might already be compliant with auto enrolment. As well as offering a top-range service, the Aviva pension packages available include 200 investment fund options, including ethical and sharia options. 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. Nest stands for National Employment Savings Trust. You will be required to meet minimum contributions to the scheme. Smart Pension is an automatic enrolment workplace pensions platform designed specifically for UK business. You can set up a default scheme to enrol your employees into and create multiple plans. Or is your small business in need of a scheme that’s quick and easy to set up? 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. Additionally, you can choose between the Smart Pension workforce assessment tool, or your own existing payroll software. The next step will help you to do this. Updated: Apr 26, 2019 Published: Apr 8, 2019, Scarlett writes for the automotive, energy, hosting and website sections of the site. NEST is the National Employment Savings Trust, set up by the government to facilitate auto enrolment pensions. You should do this as soon as you can as it can take some time to complete. These are created under the Pension Schemes Act 1993, the Pensions Act 1995 and the Pensions Act 2008.. Automatic enrolment. However, its online solution might not be suited to – or accessible for – all types of businesses. 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. Employers are increasingly using schemes run by large, specialist providers that are designed to be used by many different employers. If you have an accountant, they may be able to help you find a scheme or a financial adviser that can help. As it’s a public corporation and a government-run fund, NEST is best for low fees. There are exclusions, such as if you're self-employed or you're a … To check if an adviser is authorised by the Financial Conduct Authority, search the FCA register. Creative Auto Enrolment operates slightly differently from other providers, in that it manages the auto enrolment process after you have closed your payroll run. You'll need to find a scheme yourself or get help from your accountant or a financial adviser. 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. There are no shareholders or owners, making it unique in that regard, and able to keep its fees low. Will your chosen scheme communicate directly with, or help with communications to employees about their auto enrolment pension? 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. 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. This website requires javascript. Employers did not even have to offer a company pension scheme in the first place. 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. For immediate release: 31 July 2013. Cookies are small files stored on your device. NEST don’t charge for transfers in and out of its funds, either. This is an extract from that report. Nevertheless, it’s hugely popular – in fact, it’s one of the largest master trust schemes, with 4 million members. For automatic enrolment, you need to have a qualifying pension scheme. 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. ©2020 NOW: PENSIONS LTD | Auto Enrolment | The future is now Company registration number: 07766398, VAT number: 125511643. 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. Startup loans can be a great option. There are no setup fees for the standard service, and ongoing charges only apply to certain memberships, which you find out about upon joining. Your employees should not have to do anything to facilitate this. In return, they will usually offer a package of support that eases the ongoing administration and communications costs associated with auto enrolment. 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. 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. Auto enrolment is administered by the Pensions Regulator, and requires employers to set up a scheme and make contributions towards each employee who: On the other hand, it charges a setup fee. Communication between your payroll and Creative Auto Enrolment is vital for this to work. 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. Now that you've chosen a pension scheme, you must put your staff into it. 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. It’s also been awarded a five star rating by Defaqto. From the date they're automatically enrolled they have a month to 'opt out'. By the beginning of February 2018, all eligible workers in the UK should have been enrolled into a workplace company pension scheme. To help you manage your schemes, you can quickly and easily set them up in Payroll. We can’t advise whether or not a scheme qualifies. Let those aged 60+ join. As the employer, you will need to pay a monthly employer’s service charge. Your chosen auto enrolment pension scheme must be tax registered in the UK. 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. Once you have completed this part of the process, the rest will be handled externally, with minimal input from you. Visit our Complaints Policy page if you experience issues. These web pages are provided for information and guidance only. The default fund charges with the workplace pension scheme providers you choose must be within the 0.75% charge cap. Visit our page on auto enrolment for more specific details. Your browser currently has javascript disabled. Employers may pay their contributions to the pension scheme on any date agreed with the scheme provider or trustees. Now: Pensions offers a relatively straight-forward and easy to set up system, but its fees need slightly more understanding. 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). Alternatively, if you’re ready to compare quotes for auto enrolment straight away, simply fill in the form at the top of the page. Creative Auto Enrolment is best for its ‘one-stop-shop’ online solution and ongoing support. Click here to see more information about automatic enrolment. ... Will the pension provider levy charges on the employer? You and your staff will pay money into this scheme to help your staff save for their retirement. Pension auto enrolment is a government-led initiative in the UK to ensure workers are saving enough for their retirement. Employees who are members of the scheme will be subject to a 0.5% annual management charge. We use necessary cookies to make our website work. With a range of options and products to choose from, there is no ‘one-size-fits-all’ approach. UK-based support is on hand, through an award-winning contact centre. Enabling you to meet your obligations with regards to auto enrolment, Now: Pensions also removes much of the administrative burden. This is not an exhaustive list, and we recommend that you select a pension provider that best suits your and your employees' needs. Your browser is out of date, and unable to use many of the features of this website. Mention the Auto-enrolment Staging Date (applicable to particular Employer) and also you may enter the Re-enrollment date. Aviva’s auto enrolment service is fast, simple, and designed to be accessed by businesses of any size. S S . This will depend on the nature of the pension auto enrolment scheme you choose. The People’s Pension is designed specifically with small businesses in mind, aiming to make auto enrolment straight-forward and easy. Most employers are by now au fait with the requirements and responsibilities placed on them under Auto Enrolment legislation. 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. Set up a qualifying pension scheme. There may also be other ways for schemes to demonstrate to employers that their scheme is well run. 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. SCOTTISH BAKERS SELECTS NOW: PENSIONS AS ITS PREFERRED PROVIDER FOR AUTO ENROLMENT . Its offering includes not only the pension scheme set up, but also the ongoing communication and administration. In February 2016, ShareAction published an ethical ranking of the biggest providers of ‘auto enrolment’ pensions in the UK. Are you looking for a pension provider with no (or minimal) upfront costs? This is called ‘automatic enrolment’. There are no ongoing fees for employers. 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. Now: Pensions is proving to be a popular choice for small businesses looking to set up their auto enrolment company pension scheme. Now: Pensions is best for its straight-forward and easy to set up process. Information on changes to our service, pension regulations and compliance updates. However, its pricing structure is more complex than some other providers. 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