You are mandated by UK law to enrol your workers into a workplace pension scheme so that they can live a decent life after retirement. To enrol them, in the UK, there are several pension providers, but one that has been making headlines in recent years is Smart Pension. What is a Smart Pension? What are its features? And how useful is it for companies? We will look into each of them in detail as we read on.
First, let’s begin with a brief introduction to Smart Pension.
What is a Smart Pension?
Smart Pension is one of the UK’s largest workplace pension providers. It is a pension-delivering technology platform that makes it easier for employers to automatically enrol their employees into a pension scheme. It runs a Smart Pension Master Trust, which is a type of defined contribution pension scheme where you and your employees contribute an amount into the Smart Pension account regularly. The platform caters to the following:
- Companies that want to set up a new pension scheme.
- Companies that are looking to switch from old pension providers to Smart Pension.
Smart Pension features
Here is a list of a few features that your employees can enjoy using the Smart Pension platform.
It is a digital platform
Your employees can manage their pensions from the website or app from any place on any device. Additionally, the digital platform makes it easier for employers to perform admin tasks.
Smart rewards or discounts for Employees
Employees who have enrolled in the Smart workplace pension scheme get access to over 1,200 discounts which can be used at almost every major retailer in the UK. These discounts work on everything from shopping to holidays.
It offers flexible retirement solutions
Every individual has different financial needs in retirement. Keeping this in view, the platform offers a Smart Retire digital retirement dashboard that allows members to access and use their pension savings according to their requirements. For example, the platform allows members to earn a fixed monthly income, and it also enables members to withdraw money when it is required during retirement.
AI customer service
The platform integrates an AI customer service agent called SAVA, which answers human questions in real time. It works across all devices, be it smartphones or laptops. SAVA functions 24/7 and 365 days a year.
A retirement dashboard where employees can see all their retirement savings
Employees tend to change their jobs frequently. In doing so, they may lose track of their pension savings. Smart Pension offers a retirement dashboard where employees can search their previous pension savings and compile them in one place. This will allow them to keep track of all their pension savings.
What can Smart Pension offer employers?
- Smart Pension provides everything you need to meet the legal obligations in setting up a workplace pension in your organisation.
- The platform allows connecting with different payroll systems, which will make the management of the pension admin task easier.
- Smart Pension’s technology makes it easier for you to set up and run workplace pensions for your employees. Its excellent interface design helps users to navigate the system hassle-free.
- With Smart Pension, companies and their employees can reduce the pension charges that they are paying. Due to this reason, many companies prefer to shift from their earlier pension providers to Smart Pension.
Price structure of Smart Pension
The Smart Pension platform charges both the employer and the employee. An employer has to pay a monthly account charge of 15 pounds + VAT. This amount will be directly debited from the Debit card, which will be asked when the employer opens an account.
Apart from this, if you want additional services like reconciliation service, for this, Smart Pension charges an additional 30 pounds/half hour.
Employees/members need to pay an annual management charge of 0.30% and a monthly fee of 1.25 pounds.
Finally, Smart Pension has all the features that make it easy for companies to manage workplace pensions for their employees. Setting up the account can be done in minutes. It enables you to integrate with your payroll software to manage payroll hassle-free. For employees, it helps them to keep track of their savings. Having a Smart Pension is worth the money.
Conclusion
If you’re looking to use Smart Pension for enrolling your employees into the workplace pension scheme, we can help you with that. We are very well versed with the software and can help you in setting up and manage pension accounts on your behalf.