Peoples Pension Auto Enrolment News

Peoples Pension Auto Enrolment News

From:  Lisa Kennery

The People’s Pension is launching a new full support automatic enrolment pension solution for small businesses on 23 November. The solution has been developed based on extensive research with small businesses and their business advisers and financial advisers.

What they’re offering

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Patrick Heath-Lay, Chief Executive Officer at B&CE, provider of The People’s Pension, said:

“We’ll be charging a one off set up charge only, and will not be charging employers for ongoing support.

The People’s Pension launches the ‘complete package’ for small employers

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November 5, 2015 News

The People’s Pension has announced today that it will go live with an enhanced service and support package for new and existing customers on Monday 23 November.

  • Option to ‘Simply comply’ with a fast track route to legal compliance
  • Or to ‘Simply tailor’, putting employers and advisers in control for a bespoke experience
  • Enhanced payroll support and extended opening hours with dedicated employer and adviser teams
  • We’ll even tell the regulator employers have complied

It will offer all new employers joining the scheme the complete package to meet their auto-enrolment (AE) needs – and has been specifically designed to support small employers as they start to stage from January 2016.

New employers will be able to choose between two routes. The first, ‘Simply comply’, will guide them through a fast track process designed to help them comply as quickly and easily as possible. The second, ‘Simply tailor’, offers employers a more bespoke experience to cater for the individual needs of their workforce.

Both routes will offer a number of different payroll options, both manual and automatic. There’ll be a range of online tools and assessment options available – and The People’s Pension will even tell The Pensions Regulator that an employer has complied. Customer service hours are set to be extended too, to 8am-10pm from January 2016, to provide an extra helping hand at sign up.

The enhancements to the scheme’s award winning service and support follow extensive research with small employers and their advisers on what they need from a workplace pension provider. They also build on not-for-profit provider B&CE’s experience of providing pensions to small construction employers for more than three decades.

Patrick Heath-Lay, Chief Executive Officer at B&CE, provider of The People’s Pension, said:

“Workplace pensions can be alien to people outside the pensions industry. Our research and 30 years of experience working with small employers tells us that they want simple solutions and a great deal of support in meeting their auto-enrolment duties. Our doors will remain open to everyone who wants to come to us, regardless of their size and their sector.

“That’s why we’ve developed a simple, hassle free and high support solution for busy people who just want to run their business, not get bogged down in pensions. Simplicity is the key. We’re here to help small employers navigate the auto-enrolment galaxy.”

Employers with a staging date of January 2016 onwards who sign up with The People’s Pension from Monday 23 November will pay a one off set up charge of £500 + VAT for all the support they’ll need for the life of the scheme. Employers with a 2015 staging date who sign up from Friday 1 January onwards will also be charged.

There will be no ongoing charges for employers, and the low annual management charge of 0.5% for members will remain. Employers signing up through an intermediary will pay a reduced charge of £300 + VAT.

Heath-Lay continued:

“We’ll be charging a one off set up charge only, and will not be charging employers for ongoing support.

“Our focus is on putting savers first. We don’t believe in frontloading member charges to cover the cost of supporting employers.

“That’s why we are introducing this charge. We want to make sure that we can keep delivering award-winning customer service and support to new and existing customers, and keep our member charges low.

“We know that small employers feel daunted by auto-enrolment. For the one off set up charge, we will make complying with the law easy, straight-forward, and stress free for small employers.”

-ENDS-