What is Auto Enrolment?
Auto Enrolment is all about pensions – compulsory workplace pensions. All employers must enrol all eligible staff into a qualifying pension scheme. Eligible staff and/or their employer must contribute to the pension scheme. Employers are being gradually phased into Auto Enrolment between 2012 and 2017, until every employer must comply by 2018. For more details please see our post Auto Enrolment – What is it?
Our Auto Enrolment Service
We offer a fixed fee Auto Enrolment Service as an add-on to our fixed fee Payroll Services. Our Auto Enrolment service can also take care of most of the setting up as well as the ongoing administrative burden, ensuring that you comply with the new requirements. See the What’s Included section below to find out what is included in our service.
Our Auto Enrolment fixed fees start from just £10pcm plus VAT and is based on the number of employees and the pension provider used. See the Fixed fees section below for details.
What’s Included in our Auto Enrolment Service
Auto Enrolment Service Fixed Fees
These fees are in addition to our payroll service fees which you’d be required to sign up for. All of our fees are stated excluding VAT which will be added at the prevailing rate.
Set Up Fees
If you would like us to set up your Auto Enrolment pension service (see above) we charge 6 times the applicable monthly rate shown below. So for SMART/NEST 4 that will be £60 plus VAT. This will be charged either as a one off fee or if it’s not too late you can start paying the monthly fee 6 months before your staging date.
SMART or NEST Pension Only
NEST is the National Employment Savings Trust. It’s free for employers and deducts low fees from the employee’s fund. NEST has been built specifically for auto enrolment. It accepts all employers, in contrast to some other pension providers who don’t accept smaller employers. See the NEST website for more details.
SMART Pension is an alternative low cost pension provider. Their service is also free to employers and they deduct low charges from employees’ funds. See more about Smart Pension website for more details. .
The following fees are added to our payroll fees if you only want to use either SMART or NEST and you would like us to do the ongoing administration, and optionally the setting up for you (see What’s Included above). It effectively doubles our payroll fees if you’d like to add on SMART/NEST.
Please note that CloudBook Accountants Ltd is not authorised to give investment advice. You must ultimately decide for yourself which pension scheme is most suitable, therefore we suggest you obtain advice from a financial adviser. Our offer of the service with SMART or NEST at a lower fee is not a suggestion that SMART or NEST is better or worse than the others. It simply reflects our potential cost saving if most of our clients choose the same pension provider.
Other Pension Schemes
If you choose to use a single pension provider for all employees that is not SMART or NEST, the fees shown below are added to our payroll fees if you would like us to do the admin for you. It effectively trebles our payroll fees.
Here is a list of other pension schemes that we can help you with:
- Aegon Pension
- Aviva Pension
- FriendsLife Pension
- Hargreaves Lansdown
- Legal and General Pension
- NEST (see above price table)
- NOW: Pensions
- People’s Pension
- Prudential Pension
- Royal London Group
- Salvus Master Trust
- Scottish Widows
- Standard Life
- True Potential