Having investigated a range of workplace pension schemes that qualify for automatic enrolment, we have pleasure informing you that we are utilising the services of Smart Pension Ltd.
So, how does it work?
After 3 months, you will be Automatically Enrolled if eligible. Once enrolled deductions will commence and your details are forwarded to Smart Pension via our payroll software. You will then be able to ‘opt out’ If you opt out, contributions will cease and will remain this way until re-enrolment. Should you remain in the scheme, deductions for your pension are made weekly, fortnightly or monthly, depending on your pay frequency. Reports are run monthly in arrears and payment is taken from us by way of Direct Debit from Smart Pension and should be invested in your pension pot by the 22nd of the following month.
This is why we have chosen Smart:
Smart Pension’s offered terms are 0.75% annual management charge to members, without any additional administration fees or hidden “transaction” fees. This competitive charge provides employers and staff with a flexible cost effective pension plan and we have therefore chosen Smart Pension as the most appropriate new pension provider based upon the following criteria:
- One of the few auto enrolment providers to have both a 5-star rating by Defaqto, MAF accreditation and to appear on The Pensions Regulator’s official list of providers.
- Significant strategic investment received from Legal & General Investment Management (LGIM), JP Morgan and The Link Group. Three of the world’s largest financial service companies.
- Good governance with a reputable, experienced board of professional trustees (most of whom are independent);
- Appropriate funds specifically selected to comply with auto enrolment legislation and Department of Work & Pensions guidelines, including Shariah Fund availability;
It’s simple to access your personal account online, via the mobile app or even through Amazon Alexa or Google Home, to keep up to date with your pension and do things such as:
- get real-time balance information
- check your contribution history
- personalise how your funds are invested
- change how much you pay into your pension
- update your personal details
- transfer funds in from other pension schemes
- Scheme Booklet – Smart Pension – Pension Scheme Members Booklet
- Opt in and Opt out area
For further details of the Smart Pension employee account, please go to their website
Transfer of Existing Pensions Plans
If you have pensions outside of this employment,
Smart Pension will allow transfers of existing pension funds into the Smart Pension scheme at no charge, however we would always recommend seeking Independent Financial Advice first. Please see Smart Pension’s Transfers Page for more information.
Please see details of how to contact the Employee Support Team:
- by telephone on 0333 666 2626
- send them an email employee@smartpension.co.uk
- via the live chat option from your employee account