People’s Pension introduce set-up charge for auto-enrolment
Employers with an auto-enrolment staging date of 1st January 2016 onwards will have to pay a set up charge of £500 per employer from November 23rd 2015 for the support they need during the set up process. This will be reduced to £300 however if an employers uses an adviser such as an accountant or financial adviser to set up the scheme. In return for this additional charge People’s Pension are offering an “enhanced support package” for both new and existing customers to guide them to compliance.
This announcement follows on from the announcement by NOW pensions of a monthly £40 employers’ charge for their scheme.
NEST the government backed scheme has not so far unveiled any plans to charge employers, and large employers who have already staged have avoided these specific charges.
The additional charges add to the burden faced by employers in paying for the new pension entitlement for their employees.
If you need help setting up and implementing your auto-enrolment pension scheme and how it will affect your payroll then contact us for advice.
Employers with a staging date of January 2016 onwards who sign up with The People’s Pension from Monday 23 November will pay a one off set up charge of £500 + VAT for all the support they’ll need for the life of the scheme. Employers with a 2015 staging date who sign up from Friday 1 January onwards will also be charged.
There will be no ongoing charges for employers, and the low annual management charge of 0.5% for members will remain. Employers signing up through an intermediary will pay a reduced charge of £300 + VAT.
- See more at: http://bandce.co.uk/the-peoples-pension-launches-the-complete-package-for-small-employers/#sthash.y1SRQ8aI.dpuf