How some of the providers measure up
Things you might want from your pension scheme
| The People's Pension | Smart Pension | NEST | NOW: Pensions | |
|---|---|---|---|---|
| Provider credentials | ||||
| Length of time providing pensions in the UK? | Over 37 years | Over 5 years | Over 9 years | Over 8 years |
| i Defaqto rating | ||||
| Employers signed up | Over 92,000 | Over 120,000 | Over 800,000 | Over 30,000 |
| Number of members enrolled | Over 5m | Over 1m | Over 9m | Over 1.5m |
| i Funds under management | Over £9bn | Over £600m | Over £10bn | Over £1.4bn |
| Pension features | ||||
| i Tax relief at source? | Relief at source is the default option. Net pay arrangement also available |
Net pay arrangement only | Relief at source only | Net pay arrangement only i |
|
i
Help with submitting the declaration of compliance to The Pensions Regulator? |
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|
i
Help with automatic re-enrolment? |
Guide, checklist, report to identify who to re-enrol, email reminders and online information | Online information | Online information | Guide |
| At retirement guidance? | Online & partnered with LV= | Online | Online | Online |
| i Assessment tool? | ||||
| How many fund options are available? | 8 i | 14 i | 6 i | 2 i |
| Uncrystallised Funds Pension Lump Sum option available? i | ||||
| Flexi Access Drawdown available? i | ||||
| Salary sacrifice available? i | ||||
| Charges | ||||
| Employee management charge? i | 0.50% | 0.75% | 0.30% | 0.30% |
| Employee rebate on management charge? | Between 0.1% for savings over £6,000 and 0.3% for savings over £50,000 i | |||
| Other employee charges? | £2.50 annual charge (equivalent to around £0.21 per month) | In certain circumstances employees could be charged a monthly flat fee | 1.8% of every contribution | £1.50 per month depending on earnings (equivalent to around £18 per year) |
| Employer charges? | One-off set-up charge of £500 plus VAT, but reduced to £300 plus VAT if signing up through an adviser, accountant, bookkeeper or other payroll professional i | Ongoing monthly charge between £12.50 and £36 + VAT (based on number of employees and use of payroll bureau) | ||
Employer case study: Debra Hayes, Group Pensions Director, Rentokil
The People’s Pension offers the complete pension package to meet the unique needs of any organisation, large or small, in any sector. Hear why Debra Hayes, Group Pensions Director at Rentokil, chose us and her great experience of our support:
We measure up pretty well don’t we?
Find out more about The People’s Pension, why employers should choose us and how to sign up.
Ready to sign up?
Signing up with The People’s Pension is quick, easy and there’s plenty of help along the way.
*Figure correct as of 25 June 2020.
Information taken from Defaqto and company websites and awarding bodies.
Comparisons based on information sourced in May 2020.
The information contained here is for general information purposes only and we accept no responsibility or liability for the use, reference to or reliance on any information contained here.