I have set up three clients so far using NEST for automatic enrolment with no problems. I don’t advise on pension schemes though but just wondering if anyone has any feedback on using Smart - set up time, support issues, hidden charges, etc?
They are not charging to set up the pension scheme so it’ll be no cost to the employer compared with Peoples who are charging for employer set up. The client wants to look at one or two schemes before they decide.
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The majority of my clients use Nest but one decided to go with Smart Pensions. Not a problem in terms of payroll because the software I use supports Smart Pensions (BrightPay) and actually offers a direct link to Smart Pensions portal, so no need for .csv upload.
I have found Smart Pensions to be very professional and easy to deal with. The setup was relatively straightforward and efficient. No hidden charges that I'm aware of and my client seems happy.
It depends on what you mean by "hidden" charges.
If you scroll down (and we are all used to that on AWeb, these days!) on Smart's own website to their Fee Comparison, you will see that they quote TPP's ongoing charges to the employees' pension funds as 66% of Smart's charges.
They also quote TPP's set up fee to the employer as £500, compared with Smart which is free. However, this is somewhat deceptive. TPP charges only £300 for a scheme set up by an adviser and it only takes a couple of minutes to register as a TPP adviser.
Smart (and NEST) appeal to employers seeking to do only the minimum to comply with the pensions legislation by charging no set up fees, but TPP charges lower ongoing fees to the employees (with Smart a close second of the providers quoted by Smart).
They also quote TPP's set up fee to the employer as £500, compared with Smart which is free. However, this is somewhat deceptive. TPP charges only £300 for a scheme set up by an adviser and it only takes a couple of minutes to register as a TPP adviser.
It doesn't have to be set up by the advisor, the employer can do the set up as long as they use the advisor's code for the discount.
You should look at True Potential they are the pension providers of Champions with no charges set up or on going and work with Brightpay and all good payroll providers and few crap ones also.
I am not affiliated to True Potential but there are the biggest company in the North East you have never heard of and believe in keeping it local.