Businesses of all sizes must offer a pension to their employees – it’s the law. At Broadstone, we’re helping SMEs meet their legal requirements with the minimum of hassle.
Working in partnership with Smart Pension
How does it work?
We can help you meet your pension requirements in three hassle-free steps.
Step 1: Answer some questions
Answer a few simple questions about your business.
Step 2: Get your price
Our expert team will use this information to let you know how much it could cost you to set up your fully compliant, low-cost, value for money pension scheme.
Step 3: We'll let you know once it's done
If you’re happy with your quote, we’ll take care of the rest and inform you once your scheme is set up so you can go back to focussing on your business.
What are my pension obligations?
As of 1 October 2012, all businesses, regardless of size, have a legal obligation to automatically enroll all employees into a workplace pension scheme. Meeting these ‘auto-enrolment’ requirements is known as ‘Day One Compliance’.
Almost all new workplace pension schemes these days, including those set up via auto-enrolment, will be a defined contribution (DC) pension scheme. This simply means that both the employer and the employee will ‘contribute’ a ‘defined’ amount into the employee’s pension pot each month. This is paid in via a tax-free percentage of the employee’s salary each month. As an employer, you can choose to contribute more to your employees’ pension if you would like, as long as you meet the minimum contribution levels.
How much do I pay?
We keep our pricing as simple as possible with no hidden fees or complex pricing structures.
If you already have a workplace pension scheme but think you could benefit from our auto-enrolment solution with Smart Pension and could take much of the time-consuming administration off your hands then view our pension support services for more information on switching pension providers and how we can help.
Be compliant from day one
Our comprehensive service is designed to streamline the process of setting up a pension whilst at the same time providing access to specialist support every step of the way to help you comply with the new legislative requirements.
Our auto-enrolment service includes:
Communications – the legislation does not insist upon communicating with your employees before your Duties Start Date but many businesses consider it to be good practice. Broadstone will help by providing you with template letters to help with any statutory communications you need at your staging date.
Declaration of compliance – it is a legal requirement to complete The Pensions Regulator’s online Declaration of Compliance within five months of your Duties Start Date. Failure to do so is a breach of the law. Broadstone will assist you in completing your online declaration.
Support helpline – all through the process up to the point of submitting your Declaration of Compliance you will be able to talk to or email our team of auto-enrolment specialists for guidance.
Working with payroll – auto-enrolment compliance is also a payroll systems issue with many businesses taking comfort that their payroll provider or accountant/bookkeeper will take on this responsibility. To ensure this is the case we will provide you with a checklist so that you can ensure your software system is fit for purpose.
Cost modelling – assess the cost to you based on how much you would like to contribute to your employees’ pensions. You can decide which of the options sits within your budget, and perhaps at the same time reflect on how you want to reward your employees.
Leave it with us!
We use the information you provide to set up your scheme on the Smart Pension platform and provide ongoing oversight of your scheme and can make any changes or updates that you need. For example, if one of your employees would like to increase their contribution levels, just contact our team and we can action this for you.
We will also get in touch if any regulatory changes or scheme documents require your attention so you will always remain up to date with your obligations.
We are also able to offer a range of options in respect of your ongoing requirements including:
- Pensions governance – meet your obligations and look after your members
- Review or change providers
- Employee support, communications and member engagement
- Implementing salary exchange
- Personal Financial Planning