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86% |
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About Aviva (Company Pension)
Aviva provides around 31 million customers worldwide with insurance, savings and investment products. They are the UK’s largest insurer and one of Europe’s leading providers of life and general insurance. This destination is for their Company Pension proposition, which is their workplace pension scheme for auto-enrolment.
For more information please visit the Aviva (Company Pension) website
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Tax Relief Status
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Relief at Source |
| Employee's perspective |
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This is a combined score for the provider for Employee Charge, Money Matters and Diverse Workforce scores
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| Employee Charge |
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The charges are dependant on the number of employees and the level of contributions.. The average charge for auto enrolment schemes to February 2017 is 0.61% and this is the figure we have based our rating on.
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| Money Matters Score |
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Scheme members have a wide range of funds available to choose from. For members wishing to access their funds, a good level of access is available. Finally, there are no limitations on contributions or transfers.
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| Diverse Workforce Score |
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A Sharia fund is available. Communications are in English only. We consider this provider is average for seasonal/transitional workers
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| Payroll's perspective |
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This is an average score Ease of use and Customer support. We do not include Automation in the score as that impacts the availability of the provider instead.
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|---|
| Automation enabled |
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As you have not chosen a payroll software we are familiar with, we have assumed there is no automation between your payroll and Aviva (Company Pension). This means that your payroll team will probably have to export member contribution data and manually upload it to Aviva (Company Pension).
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| Ease of use |
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Overall Aviva (Company Pension) is good for EaseOfUse (4/5).
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| Customer support |
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Our experience and that of their clients we have surveyed is that customer support is excellent. This score is supported by their helpdesk statistics.
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| Employer's perspective |
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This is the combined score for Employer support materials and Employer Charge
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| Support materials |
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Aviva provides excellent support for employers including template project plans, communications and a step by step guide.
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| Employer Charge |
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Aviva states monthly ongoing charges are typically between £30 and £50. We obtained a range of quotes that validated this statement. The score is based on the fact that this is clearly more expensive than the free providers. We consider it more than the fixed fee options of other providers as it is open ended. However, it is at the lower end of the regular fees so not the lowest score. For higher numbers of employees (over 20) we have increased the score as the cost per employee is reduced.
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Expert's perspective
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| Defaqto Rating |
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| Listed on The Pensions Regulator website |
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Yes
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84% |
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About NEST
NEST has been set up by the government especially for auto enrolment. They exist to make sure that every employer has access to a workplace pension scheme that meets the requirements of the new pension rules.
From April 2017, NEST's restrictions on contributions and transfers are removed.
For more information please visit the NEST website
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Tax Relief Status
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Relief at Source |
| Employee's perspective |
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This is a combined score for the provider for Employee Charge, Money Matters and Diverse Workforce scores
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| Employee Charge |
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There is a 1.8% contribution charge and then 0.3% Annual Management Charge (AMC). Whilst the AMC is low, the one-off 1.8% charge on each contribution can make the overall cost to the employee significantly higher, especially in the early years. Transfers in to NEST do not attract the 1.8% contribution charge. Full details can be found on the NEST website.
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| Money Matters Score |
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There is a limited range of investments available for any members who wish to choose their own funds. The options at retirement are to take a cash lump sum or transfer to another scheme for a wider range of options. The original restrictions on contributions and transfers no longer apply.
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| Diverse Workforce Score |
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There is a Sharia fund, communications are available in a range of languages and the scheme is excellent for managing seasonal workers
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| Payroll's perspective |
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This is an average score Ease of use and Customer support. We do not include Automation in the score as that impacts the availability of the provider instead.
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|---|
| Automation enabled |
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As you have not chosen a payroll software we are familiar with, we have assumed there is no automation between your payroll and NEST. This means that your payroll team will probably have to export member contribution data and manually upload it to NEST.
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| Ease of use |
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NEST is easy to use. Minor improvements could be made e.g. making payment processing smoother.
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| Customer support |
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In our experience customer support is very good.
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| Employer's perspective |
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This is the combined score for Employer support materials and Employer Charge
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| Support materials |
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NEST has extensive support materials but they tend to be overly long and can be difficult to navigate.
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| Employer Charge |
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There is currently no employer charge. As a mastertrust, you are governed by the trust deed and rules and participation agreement so you may be liable for charges in the future.
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Expert's perspective
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| Defaqto Rating |
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| Mastertrust Assurance Framework |
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Yes |
| Listed on The Pensions Regulator website |
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Yes
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|
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82% |
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|
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About People’s Pension
The People’s Pension is provided by B&CE. It’s a flexible and portable workplace pension, designed for people, not profit. With no shareholders, any surpluses are used for the benefit of its members
For more information please visit the People’s Pension website
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Tax Relief Status
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Relief at Source by default but Net Pay available |
| Employee's perspective |
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This is a combined score for the provider for Employee Charge, Money Matters and Diverse Workforce scores
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| Employee Charge |
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There is an Annual Management Charge of 0.5% which is amongst the best for employees.
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| Money Matters Score |
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For members wishing to choose their own investments, there is very little choice. They have excellent options around access to funds via the pension freedoms and it is easy for members to pay additional contributions.
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| Diverse Workforce Score |
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There is a Sharia fund, communications are available in a range of languages and the scheme is excellent for managing seasonal workers
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| Payroll's perspective |
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This is an average score Ease of use and Customer support. We do not include Automation in the score as that impacts the availability of the provider instead.
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|---|
| Automation enabled |
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As you have not chosen a payroll software we are familiar with, we have assumed there is no automation between your payroll and People's Pension. This means that your payroll team will probably have to export member contribution data and manually upload it to People's Pension.
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| Ease of use |
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We rate their ease of use as average. The scheme set-up could be improved.
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| Customer support |
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Our experience and that of their clients we have surveyed is that customer support is very good.
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| Employer's perspective |
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This is the combined score for Employer support materials and Employer Charge
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| Support materials |
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The coverage of the Peoples' Pension support materials is extensive but the navigation could be improved hence the average rating.
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| Employer Charge |
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A single fee of £300 if set-up via an adviser or £500 if an employer goes direct.
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Expert's perspective
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| Defaqto Rating |
|
|
| Mastertrust Assurance Framework |
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Yes |
| Listed on The Pensions Regulator website |
|
Yes
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|
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80% |
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|
|
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|
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About Smart Pension
Smart Pension was founded by experienced finance & technology professionals and has been designed specifically to support UK businesses faced with the challenges of auto enrolment. Their team spent over a year developing & testing the platform whilst also establishing the partnerships necessary to meet regulatory requirements and deliver a seamless end-to-end experience
For more information please visit the Smart Pension website
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Tax Relief Status
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Net Pay |
| Employee's perspective |
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This is a combined score for the provider for Employee Charge, Money Matters and Diverse Workforce scores
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| Employee Charge |
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The Annual Management Charge is 0.75%. This is the maximum allowed by legislation. However, there are no other charges levied on the Employee unlike some other providers. Smart Pensions website has more information on their Employee charge structure, and compares it against other providers' Employee charges.
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| Money Matters Score |
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For members wishing to choose their own investments, there is very little choice. Similarly, for those members over 55 who wish to access their funds, they cannot take advantage of the options introduced via pension freedoms such as flexible access without transferring to another scheme. It is very easy for members to pay additional contributions.
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| Diverse Workforce Score |
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A Sharia fund is available. Communications are mainly in English with some Polish videos available. We consider this provider is average for seasonal/transitional workers
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| Payroll's perspective |
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This is an average score Ease of use and Customer support. We do not include Automation in the score as that impacts the availability of the provider instead.
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|
|---|
| Automation enabled |
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As you have not chosen a payroll software we are familiar with, we have assumed there is no automation between your payroll and Smart Pension. This means that your payroll team will probably have to export member contribution data and manually upload it to Smart Pension.
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| Ease of use |
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In general we rate this as good (4/5). The initial scheme set-up for payroll could be improved but regular monthly processing is relatively painless.
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| Customer support |
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Based on our experience and survey responses from payroll users, we rate the level of customer support as 4/5.
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| Employer's perspective |
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|
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This is the combined score for Employer support materials and Employer Charge
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|
| Support materials |
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The Smart site has been designed to make the employer journey as smooth as possible. Particularly around sign-up, they have achieved this. The information on auto-enrolment in general is also good.
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| Employer Charge |
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There is currently no employer charge. As a mastertrust, you are governed by the trust deed and rules and participation agreement so you may be liable for charges in the future.
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|
Expert's perspective
|
|
|
|
| Defaqto Rating |
|
|
| Mastertrust Assurance Framework |
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Yes |
| Listed on The Pensions Regulator website |
|
Yes
|
|
|
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|
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73% |
|
|
|
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|
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About Standard Life Group Flexible Retirement Plan
With Standard Life Savings, you’ll have easy access to help, guidance and financial planning tools, so you can confidently take control of your life savings and make informed decisions about your future.
For more information please visit the Standard Life Group Flexible Retirement Plan website
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Tax Relief Status
|
|
Relief at Source |
| Employee's perspective |
|
|
|
|
This is a combined score for the provider for Employee Charge, Money Matters and Diverse Workforce scores
|
|
| Employee Charge |
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The Annual Management Charge is 0.75%. This is the maximum allowed by legislation.
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| Money Matters Score |
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|
Members have a wide range of funds to choose from. In addition, for those over 55 who wish to access their funds, there are a number of options. There are no limits on contributions or transfers and members can easily pay additional contributions
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| Diverse Workforce Score |
|
|
|
|
A Sharia fund is available. Communications are in English only. We consider this provider is average for seasonal/transitional workers
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| Payroll's perspective |
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This is an average score Ease of use and Customer support. We do not include Automation in the score as that impacts the availability of the provider instead.
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|---|
| Automation enabled |
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As you have not chosen a payroll software we are familiar with, we have assumed there is no automation between your payroll and Standard Life Group Flexible Retirement Plan. This means that your payroll team will probably have to export member contribution data and manually upload it to Standard Life Group Flexible Retirement Plan.
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| Ease of use |
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Whilst Standard Life Group Flexible Retirement Plan does not yet support data automation, their traditional means of processing is relatively easy to use.
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| Customer support |
|
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|
|
In our experience customer support is good.
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| Employer's perspective |
|
|
|
|
This is the combined score for Employer support materials and Employer Charge
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|
| Support materials |
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Standard Life Group Flexible Retirement Plan has good quality materials available and they are well laid out.
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| Employer Charge |
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|
The employer charge is £100 per month which commences when the first person joins the scheme.
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|
Expert's perspective
|
|
|
|
| Defaqto Rating |
|
|
| Listed on The Pensions Regulator website |
|
Yes
|
|
|
|
|
|
71% |
|
|
|
|
|
|
About Aegon Retirement Choices (ARC)
Aegon is an international provider of life insurance, pensions and asset management.
With approximately £542 billion assets under management, they have businesses in over 25 countries around the world and around two million customers in the UK alone.
For more information please visit the Aegon Retirement Choices (ARC) website
|
Tax Relief Status
|
|
Relief at Source |
| Employee's perspective |
|
|
|
|
This is a combined score for the provider for Employee Charge, Money Matters and Diverse Workforce scores
|
|
| Employee Charge |
|
|
|
|
We have rated this as equivalent to a 0.75% Annual Management Charge (AMC). An employer may request there be a fixed charge and a reduced AMC but for most employers this will not apply.
|
| Money Matters Score |
|
|
|
|
A wide range of funds are available for members who wish to select their own investments. We consider the options to withdraw funds as good. There are no limits on contributions or transfers and it is easy for members to pay in additional contributions.
|
| Diverse Workforce Score |
|
|
|
|
There is no sharia fund and communications are in English only. We consider this provider is average for seasonal/transitional workers.
|
| Payroll's perspective |
|
|
|
|
This is an average score Ease of use and Customer support. We do not include Automation in the score as that impacts the availability of the provider instead.
|
|
|---|
| Automation enabled |
|
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|
|
As you have not chosen a payroll software we are familiar with, we have assumed there is no automation between your payroll and Aegon Retirement Choices (ARC). This means that your payroll team will probably have to export member contribution data and manually upload it to Aegon Retirement Choices (ARC).
|
| Ease of use |
|
|
|
|
Our users rate Aegon Retirement Choices (ARC) as one of the worst providers in terms of ease of using the system.
|
| Customer support |
|
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|
|
Our experience of customer support is poor.
|
| Employer's perspective |
|
|
|
|
This is the combined score for Employer support materials and Employer Charge
|
|
| Support materials |
|
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|
|
Their site is average in terms of its content for employers. The information required is there but could be better presented and more extensive.
|
| Employer Charge |
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|
There are no charges for the employer
|
|
Expert's perspective
|
|
|
|
| Defaqto Rating |
|
|
|
|
|
|
|
65% |
|
|
|
|
|
|
About Royal London
Royal London is the largest mutual life, pensions and investment company in the UK, with Group funds under management of £84.5 billion. Group businesses provide around 9.1 million policies and employ 2,988 people. (Figures quoted are as at 31 December 2015). Note that in order to open a scheme with Royal London, you will need an adviser.
For more information please visit the Royal London website
|
Tax Relief Status
|
|
Relief at Source |
| Employee's perspective |
|
|
|
|
This is a combined score for the provider for Employee Charge, Money Matters and Diverse Workforce scores
|
|
| Employee Charge |
|
|
|
|
The Annual Management Charge is 0.75%. This is the maximum allowed by legislation.
|
| Money Matters Score |
|
|
|
|
A wide range of funds is available for members who wish to manage their own investments. Similarly for members withdrawing funds, there is a good range of options. There are no restrictions on contributions or transfers.
|
| Diverse Workforce Score |
|
|
|
|
A Sharia fund is available. Communications are in English only. We consider this provider is average for seasonal/transitional workers
|
| Payroll's perspective |
|
|
|
|
This is an average score Ease of use and Customer support. We do not include Automation in the score as that impacts the availability of the provider instead.
|
|
|---|
| Automation enabled |
|
|
|
|
As you have not chosen a payroll software we are familiar with, we have assumed there is no automation between your payroll and Royal London. This means that your payroll team will probably have to export member contribution data and manually upload it to Royal London.
|
| Ease of use |
|
|
|
|
Our users rate Royal London as one of the worst providers in terms of ease of using the system.
|
| Customer support |
|
|
|
|
Our experience of customer support is poor.
|
| Employer's perspective |
|
|
|
|
This is the combined score for Employer support materials and Employer Charge
|
|
| Support materials |
|
|
|
|
The quality of their support materials is high. However, it is aimed more at advisers than employers/payroll.
|
| Employer Charge |
|
|
|
|
Ranges from nil to £75 per month. For most small employers, it will be at or near the £75 per month level hence the single star rating.
|
|
Expert's perspective
|
|
|
|
| Defaqto Rating |
|
|
|
|
|
|
|
55% |
|
|
|
|
|
|
About NOW: Pensions
In collaboration with ATP of Denmark – one of the largest pensions funds in Europe and the Board of Trustee Directors, NOW: Pensions has set out to bring cost-efficiency, performance and simplicity to the UK pensions industry.
For more information please visit the NOW: Pensions website
|
Tax Relief Status
|
|
Net Pay but NOW tops up by the basic tax rate for any non-taxpayers |
| Employee's perspective |
|
|
|
|
This is a combined score for the provider for Employee Charge, Money Matters and Diverse Workforce scores
|
|
| Employee Charge |
|
|
|
NOW: Pensions couples an Annual Management Charge (AMC) of 0.3% with a monthly administration charge. For members earning more than £18,000 p.a. the monthly charge is £1.50 when contributing and £1.00 when they leave. For those earning less than £18,000 p.a. the monthly charge is £0.30. Full details can be found on NOW: Pensions website.
|
| Money Matters Score |
|
|
|
|
Members have no investment choice and there are few options to withdraw funds once over minimum pension age. However, it is easy for members to pay additional contributions and transfer into the scheme.
|
| Diverse Workforce Score |
|
|
|
|
There is no sharia fund and communications are in English only. We consider this provider is average for seasonal/transitional workers.
|
| Payroll's perspective |
|
|
|
|
This is an average score Ease of use and Customer support. We do not include Automation in the score as that impacts the availability of the provider instead.
|
|
|---|
| Automation enabled |
|
|
|
|
As you have not chosen a payroll software we are familiar with, we have assumed there is no automation between your payroll and NOW: Pensions. This means that your payroll team will probably have to export member contribution data and manually upload it to NOW: Pensions.
|
| Ease of use |
|
|
|
|
With their data automation and updated website for traditional methods, NOW: Pensions is very easy to use.
|
| Customer support |
|
|
|
|
NOW: Pensions have recently made significant investment into their customer support centre in Nottingham, and into a new customer portal and API (to lower the burden of customer data transfer). Recent customer feedback has been positive.
|
| Employer's perspective |
|
|
|
|
This is the combined score for Employer support materials and Employer Charge
|
|
| Support materials |
|
|
|
|
The support materials available are excellent, well laid out and simple to use.
|
| Employer Charge |
|
|
|
|
There is a monthly charge for employers.
Full unsupported rate £36 per month
5 or more employees administered by a payroll bureau £20 per month
1-4 employees administered by a bureau £12.50 per month
|
|
Expert's perspective
|
|
|
|
| Defaqto Rating |
|
|
|
|
IMPORTANT