How some of the providers measure up
Things you might want from your pension scheme
|The People's Pension||Smart Pension||NEST||NOW: Pensions|
|Length of time providing pensions in the UK?||Over 40 years||Over 8 years||Over 15 years||Over 11 years|
|i Defaqto rating|
|Employers signed up||Over 100,000||Over 70,000||Over 900,000||Over 30,000|
|Number of members enrolled||Over 6m||Over 1m||Over 11m||Over 2m|
|i Funds under management||Over £20bn||Over £2.6bn||Over £21bn||Over £3bn|
|i Tax relief at source?||Relief at source is the default option.
Net pay arrangement also available
|Net pay arrangement only||Net pay arrangement only i|
Help with submitting the declaration of compliance to
The Pensions Regulator?
|i Help with 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||Online||Online||Online|
|i Assessment tool?|
|How many fund options are available?||8 i||17 i||6 i||2 i|
|Uncrystallised Funds Pension Lump Sum option available? i|
|Flexi Access Drawdown available? i|
|Salary sacrifice available? i|
|Employee management charge? i||0.50%||0.30%||0.30%||0.30%|
|Employee rebate on management charge?||Between 0.1% for savings over £3,000 and 0.3% for savings over £50,000 i|
|Other employee charges?||£4.50 annual charge (equivalent to around £0.38 per month) - this charge is not taken from pots below £104.50 when the charge is calculated||£1.25 per month (equivalent to around £15 per year) - this charge is not taken from pots below £100 when the charge is calculated||1.8% of every contribution||£1.75 per month depending on earnings (equivalent to around £21 per year) - this charge is not taken from pots below £100 when the charge is calculated|
|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||May add a monthly employer account charge of £15+VAT - plus a £30 charge if employers pay contributions by BACS||Ongoing monthly charge between £12.50 and £36 + VAT (based on number of employees and use of payroll bureau)|
Information taken from Defaqto and company websites and awarding bodies.
Comparisons based on information sourced in May 2023.
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.