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 115,000 | Over 750,000 | Over 30,000* |
| Number of members enrolled | Over 4.7m | Over 892,000 | Over 8.5m | Over 1.5m* |
| i Funds under management | Over £8.1bn | Over £420m | Over £8.1bn | 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 | ||||
| Monthly employee charge? | £1.50 per month depending on earnings. | |||
| Employee annual management charge? i | 0.50% | 0.75% | 0.30% | 0.30% |
| Employee rebate on annual management charge? i | ||||
| i Contribution charge? | 1.8% of every contribution | |||
| Employer charges? | One-off charge to the employer is £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) | ||
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.
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Signing up with The People’s Pension is quick, easy and there’s plenty of help along the way.
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.
Comparisons based on information sourced at November 2019, taken from Defaqto, company websites and awarding bodies.
*The number of employers signed up and number of members enrolled with NOW: Pensions, however, was taken from the last known reported figure as at 1 December 2017.