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Creative Auto Enrolment

Creative Auto Enrolment

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We are a very small firm with the majority of our staging dates occuring mid 2016 onwards.  Given the news about The Peoples Pension starting to charge for their setup, we have been advised by a local IFA to use Creative Auto Enrolment for the rest of our payroll clients who haven't already setup a scheme.

I wonder if anyone on Accounting Web has any experience using them and could provide some feedback - positive or negative?

Thanks

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By Henry Tapper
21st Nov 2015 12:50

Choosing a provider for the rest of your clients

Creative auto-enrolment are an IFA - part of a group of companies - all with creative in their name.

Money is invested in a master trust which invests in Scottish Widows funds, it has its own charging structure similar to that of NOW.

This is a net pay scheme.

The Pensions Regulator is keen where you reccomend one provider, you make sure your client knows that other providers are avaiable and their products may be better.

I would not rely on these comments as due diligence. I would suggest you pay for a professional opinion and have it signed off by an expert.

 

 

 

 

 

 

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By jon_griffey
21st Nov 2015 13:29

Creative

We are going full steam ahead with Creative and are registering all our clients with them.

We had meetings with them together with our IFA and are impressed with their offering.

We have had a few clients who have staged and who have been with them for a few months.

They have developed quite a slick solution which seems to have minimised the pain. It is a plain vanilla approach so has pre-set options, which to be honest, for the typical disinterested client meets their needs perfectly.

no set up fees or ongoing fees to the clientthey get paid out of the potvery easy setupcontributions invested with Scottish Widowsyou upload your payroll file to their portal and it tells you what to deduct from who and deals with the communications

As a practice we are promoting this early - to get as many on board as we can. What we don't want is clients all signing up with random providers who happen to cold call them and leaving us with the admin headache of having to deal with a multitude of different systems.

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By NH
21st Nov 2015 14:21

@jon griffey

Interesting Jon, I think your comments highlight some of the issues facing practices.

1. The choice of pension scheme and responsibility rests entirely with the employer not the accountant.

2. The employer will usually rely on the advice given by the accountant.

3. The accountant does not want the hassle of dealing with multiple situations and is therefore going to favour the one that is easiest for him and suggest strongly that the client (and all clients for that matter) follows his advice.

4. The accountant however cannot be seen to favour one scheme above another and has to provide information on other schemes.

Does anyone else feel that this approach seems like a recipe for disaster somewhere along the line when employee points finger at employer, and employer points finger at accountant?

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By jon_griffey
21st Nov 2015 15:32

Train wreck ahead

NH wrote:

Interesting Jon, I think your comments highlight some of the issues facing practices.

Does anyone else feel that this approach seems like a recipe for disaster somewhere along the line when employee points finger at employer, and employer points finger at accountant?

 

Those are very good points. However there is such a train wreck on the way that us accountants need to be implementing the most cost effective, practical solution for both ourselves and our clients now. 

There is indeed a theoretical risk that there will be comeback on us for people putting their money with Scottish Widows but that is very low on the list of things that keeps me awake at night.

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By SE_Confused
22nd Nov 2015 10:34

I plan to choose one provider and then point the clients to pensionplaypen to select one (when they see the fees they will be back quickly) or they can select whoever they want.

If they choose their own then my fees will be higher.

I will make it clear that I do not give them any advice.

Are there any other like creative out there? I need one that is cost effective and will take the pain out of compliance.

 

 

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By jsprince
23rd Nov 2015 15:05

I work for a small company and our AE date is June 2015.  We looked at Bluesky Pensions, People's, Now and Nest.

We really liked Ensign but are not in the maritime industry.

We decided in the end to  use the FSB pension which has a £400 setup cost but when looking into it more thoroughly now it is no longer with Scottish Widows but Legal & General Work Save.

The Legal & General product is available directly from Legal and General without the £400 setup fee.

So as a small company we have gone direct and saved £400,  we only have  4 employees and a static wage bill though.

We didn't think for us it was worth £400 to have someone send out a few letters and do a bit of admin.

 

 

 

 

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By Kazmc
23rd Nov 2015 15:40

The Peoples Pension

I managed to get 51 clients signed up to The Peoples Pension last week before the fees kicked in, think that will be the last of our client base who will sign up with them as they will not want to pay the setup fee. A real shame as it's a really good system from a payroll perspective.

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By Henry Tapper
27th Nov 2015 06:15

Creative auto-enrolment

For those considering investing in Scottish Widows funds through the Creative Auto-Enrolment master trust, we suggest you have a word with Creative Auto-Enrolment. Our understanding is that things may be changing.

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By Yonder Dave
27th Nov 2015 12:15

Can you give us a clue, Henry.

I note jsprince's comment that FSB has moved to L&G.

We are about to decide between Creative and Smart, but their page for Advisors, IFAs & accountants is still "Coming soon"!

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By martin.curtis
27th Nov 2015 13:40

Another vote for Creative

For every client we have spoken to auto-enrolment is a grudge purchase and so we wanted something which had the minimum impact on the client both in terms of their time and cost. For our own benefit we would like all of our payroll clients to use the same provider rather than trying to set up our systems to deal with several

We have completely bought into Creative concept have been impressed with the no frills product, the fact that their fee is taken from the pot and so far have had excellent service from the team and the helpdesk

We have no hesitation in recommending them to our clients and to others - obviously with the 'there are other products out there' caveat

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By Yonder Dave
27th Nov 2015 15:43

@henrytapper

I thought I'd seen the name somewhere: https://www.pensionplaypen.com/authors/show/1#.Vlh44L8uvYg

It would have been helpful if you had said who you are representing.

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By MissAccounting
01st Dec 2015 10:23

Scaremongering

Yonder Dave wrote:

I thought I'd seen the name somewhere: https://www.pensionplaypen.com/authors/show/1#.Vlh44L8uvYg

It would have been helpful if you had said who you are representing.

This place is full of scaremongering from IFAs and other people connected to AE. The reality is that they were banking on all of the SME and micro entities signing up with them and their £1,500 fees where in reality it looks like more and more people are doing it themselves or getting the accountants/payroll provider to do it for a substantially more sensible cost leaving the IFA and anyone else connected with the AE world wondering how they are going to pay for that flash car theve just taken delivery of on the back of the predicted AE boom!

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By hje
10th Feb 2017 10:41

Duplicated by AW

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By hje
10th Feb 2017 10:41

Just to weigh in on this, I deal with about 15 different providers, portals and advisors, and I have to say these come top of the list for being absolutely awful. Poor communication, consistently late and erroneous, 3 days to get a call back from customer service.

I would advise all to look elsewhere for a competent provider, as Creative Auto enrolment certainly aren't in my experience.

As you were specifically asking for positive or negative feedback, this is based my experience over the last 12 months of dealing with this provider.

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