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Best Auto Enrol Pension Provider

Hi, what is the best Auto Enrol company for charges and performance please

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Only a few employees but looking for the best option for Auto Enrol 

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RLI
By lionofludesch
06th Jul 2021 11:45

NEST is free.

Performance ? You would need an investment adviser to answer that.

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Replying to lionofludesch:
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By Paul Crowley
06th Jul 2021 12:05

Cannot go wrong with Nest
State too heavily invested

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Replying to lionofludesch:
paddle steamer
By DJKL
06th Jul 2021 12:07

Nest is free for employers but employees do pay.

They seem to charge 1.8% on contributions plus 0.3% annual management on fund value.

https://www.nestpensions.org.uk/schemeweb/nest/aboutnest/nest-charges.html

We went with Peoples re our schemes, whilst there was an employer paid set up fee (I got an agent discount) the ongoing charges are £2.50 per year plus 0.5% fund value but this gets rebated re fund value in bands , so at my marginal fund I currently get back 0.2%

https://www.nestpensions.org.uk/schemeweb/nest/aboutnest/nest-charges.html

The trouble with nest is that 1.8% hurts with early year contributions and of course lower initial investment means less compounding of returns.

(Not that I am that fussed with my AE pension, it is at my stage of life merely a top up, but given it is the first pension I have ever had where my employer pays something it would have been silly not to take the money)

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By Maharg51
06th Jul 2021 12:12

Thanks , that helps . The 1.8% is high versus People’s .
Do you know of any others worth considering?

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boxfile
By spilly
06th Jul 2021 12:27

The People’s Pension set up fee is quite high for a small employer. It’s £500, or £300 if you can get the agent discount. Nest is free for the employer to use.
Both schemes allow members to choose what type of investment to pay in to once they are enrolled, although many just stay in the standard initial fund.

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My photo
By Matrix
06th Jul 2021 13:06

True Potential is easy to navigate. Can’t really comment on performance and you shouldn’t either but most of our clients use this.

Don’t use People’s Pension, we hate it.

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Replying to Matrix:
boxfile
By spilly
06th Jul 2021 13:40

Ha, I thought it was just us that thought People’s Pension are a nightmare to deal with. They are really quite poor when it comes to customer service.

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paddle steamer
By DJKL
06th Jul 2021 14:10

I have never had to contact Peoples' customer service, for all three schemes we set up with them it worked straight out of the box, very simple to use and pretty intuitive even when setting up a non standard scheme (All employer and no employee contributions).

Even when logging in as an employee the platform information re fund activity etc is basic but adequate. (Hargreaves Lansdown re my SIPP being a miles better site re information/data, but then again given it is self invested so it needs to be)

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boxfile
By spilly
06th Jul 2021 15:58

We took over a client payroll that already used PP and encountered numerous issues trying to move it from the previous accountant. Have also had problems with the automatic file uploading, but that might be partly down to using clients Xero payroll.

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paddle steamer
By DJKL
06th Jul 2021 16:09

Only issue with file uploads I have encountered is ensuring format of dates from excel/csv produced by Brightpay matches with expected, but that is a 2 second format/save correction.

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Replying to DJKL:
By Moonbeam
06th Jul 2021 17:09

Yes, I just know it's the 6th option down to select when I upload the file.

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Replying to Matrix:
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By BIGWAL
06th Jul 2021 14:19

Another vote for True Potential. No set up fee and good support - but most importantly charges within the pension are really low, meaning a significantly higher pension pot in the longer term. I consider Nest charges of 1.8% scandalous. TP is only 0.7%. Default fund is Legal & General but large choice of alternative funds available.

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