Auto Enrolment – what’s all the fuss?
Since its introduction in 2012, auto enrolment has been a roaring success with over 8 million employees joining workplace pension schemes.
The legislation requires an employer to automatically enrol any member of staff between the age of 22 and state pension age who earns over £10,000. If the employee doesn’t want to be in the scheme, it’s then up to them to opt out.
It is important that employers take auto enrolment seriously and meet their legal requirements as The Pensions Regulator has the power to fine businesses up to 50,000 for non-compliance.
Why is it important to choose the right provider?
Auto enrolment has not always been a smooth ride for employers. The internet is rife with negative reviews about pension providers, citing everything from poor customer service to long, drawn out and overly complicated admin and payroll processes. Set up and management fees from providers have also dramatically increased costs.
Business owners have had a huge choice of providers, with nearly 100 Mastertrusts currently in existence. However, with various legislative and other changes occurring, experts estimated that by the end of 2018 there may only be between 8-15 Mastertrusts remaining.
How do I know I’m choosing the right provider?
To steer employers in the right direction, The Pensions Regulator published a list of guidelines to make sure you are choosing a quality scheme. Employers should check a scheme is:
- Well governed, with all the top quality kitemarks
- Easy to use
- Provides good value to you and your employees
- Automates all the most laborious tasks like assessment, contributions calculations and communications
- Is compatible with your payroll software
But I have already staged with another provider…
If you have already staged but are not happy with your current arrangement, Smart Pension is here to help. In the vast majority of cases it is possible to move without any financial penalty from your current provider. The process is very simple, and could end up saving you considerable amounts of time, money and hassle. Give us a call to find out more…
Why choose Smart Pension?
Smart Pension is the leading commercial provider in the UK. We have a free, fast, efficient, easy to use auto enrolment solution that has been purpose built and specifically designed for small businesses.
- The only end-to-end solution that is completely free to the employer
- A state of the art technology platform that does most of the work for you, taking the headache out of auto enrolment and leaving you to run your business.
- Partnered with industry giant Legal & General
- The highest level of payroll integration on the market
- Attained the top kitemarks for quality and governance, including the Mastertrust Assurance Framework that is approved by The Pensions Regulator.
We have partnered with the Giftware Association to give you a VIP service. You can rest assured that when you join Smart Pension, any Giftware Association member will be well looked after. We have even assigned a member of staff to be there for you ever step of the way.
Why not get Smart with your pension…it only takes a few minutes to get you up and running.
Contact Perry on 020-3869-2330 / 07500-667273, or drop him and email at Perry.Osborne@SmartPension.co.uk