How the providers measure up
Things you might want from your pension scheme
| The People's Pension | NEST | Smart Pension | NOW: Pensions | |
|---|---|---|---|---|
| Provider credentials | ||||
| Length of time providing pensions in the UK? | Over 35 years | 5 years | 3 years | 5 years |
| i A master Trust? | ||||
| i With type 2 master trust assurance framework? | Removed itself from the list in July 2017 | |||
| Listed as a recommended provider on The Pensions Regulator website? | ||||
| i Defaqto rating for workplace pensions | ||||
| i Pension Quality Mark ready? | ||||
| Awards won since 2016? | 15 awards i | 9 awards i | 3 awards i | 0 awards |
| Won customer service awards? | 4 awards i | No | No | No |
| Employers signed up | Over 81,000 | Over 500,000 | 50,000 | 30,000 |
| Number of members enrolled | Over 3.7m | Over 5m | 250,000 | 1.5m |
| i Funds under management (last known reported figure) | Over £3.9bn | £1.7bn | Figure unavailable | £560m |
| Pension features | ||||
| i Defaqto rating for workplace pensions | ||||
| i Tax relief at source? | Relief at source is the default option. Net pay arrangement also available | Relief at source only | Net pay arrangement only | Net pay arrangement only i |
| i Help with declaring compliance to The Pensions Regulator? | ||||
| At retirement guidance? | Online support & partnered with LV= | Online support | Online support | |
| i Help with automatic re-enrolment? | Guide, checklist, report to identify who to re-enrol, email reminders and online information. | Online information | Re-enrolement guide and online information | |
| i Assessment tool? | ||||
| How many fund options are available? | 8i | 6i | 6i | 3i |
| 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% | 0.30% | 0.75% | 0.30% |
| i Contribution charge? | No charge | 1.8% of every contribution | No charge | No charge |
| Employer charge? | 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 | No charge | No charge | Ongoing monthly charge between £12.50 and £36 + VAT (based on number of employees and use of payroll bureau) |
*Last known reported figure.
* Information taken from Defaqto, company websites and awarding bodies.
Comparisons based on information sourced at May 2018. 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.