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Workplace pension scheme
Set up a workplace pension
Smart Pension – a smart way for businesses to meet their legal requirements to set up a workplace pension scheme.
What is a workplace pension?
A workplace pension is a scheme that enables businesses to support their employees to save money for retirement. A monthly contribution is taken from each employee’s wages into the pension fund, and the employer will also make a contribution.
Businesses have a legal responsibility to provide a workplace pension scheme and are required to enrol each employee aged between 22 and the State Pension age who earns a minimum of £10,000 per year.
When an employee contributes to a workplace pension, their employer must also contribute a minimum amount to their pension scheme. The government will automatically add basic rate tax relief on top, or a higher rate if the employee is a higher earner.
Whether the business has one employee or 500, it has a legal duty to write to employees to inform them of their pension rights.
About Smart Pension
Smart Pension provides a fast and easy way to meet the legal responsibility of your business to provide a workplace pension for employees – you could be compliant within minutes.
Trusted by hundreds of thousands of members, employers and advisers, Smart Pension provides auto-enrolment workplace pensions. With Smart Pension’s secure technology platform, you could assess your employees, generate letters and be compliant with auto-enrolment pension law, safely and quickly.
Need to set up a workplace pension? Read on.
How to set up a workplace pension scheme with Smart Pension
Add employees
Assess and enrol your employees. You can also link payroll software and add your professional advisor to start processing your contributions.
Complete your compliance
Fill in and submit your declaration of compliance to The Pensions Regulator.
What Smart Pension offers
Easy-to-use platform
Managing your pension scheme is quick and easy with Smart Pension's award-winning platform.
Less admin
Smart Pension makes pensions administration easier, so you can focus on running your business.
Employee support is built in
The platform sends standard letters to your employees and guidance to keep them informed. Online and in-app access lets your employees manage their contributions.
Dedicated support
If you have any questions about your auto-enrolment workplace pension scheme, you can contact Smart Pension by phone, email or chat for support.
Frequently asked questions
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There are no charges to set up and run your employee pension scheme with Smart Pension, but you have a legal requirement to pay into your employees' pensions when they do. This must be a minimum of 3% of qualifying earnings.How much you contribute above this is up to you. For the 2020/21 tax year qualifying earnings are between £6,240 and £50,000 a year. Smart Pension reserves the right to charge for non-standard requirements – you can contact the company for details.
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You'll need to carry out some ongoing tasks to keep your scheme compliant. These include making regular contributions and keeping employees informed about their pensions. You'll also need to manage opt-ins and opt-outs from the scheme.The Pensions Regulator requires you to keep up-to-date records about your pension scheme. Smart Pension will keep some things, but you're responsible for keeping your own records up-to-date. The Pensions Regulator's website has details on what you need to record. Every three years you have to reassess anyone who has opted out or ceased membership of the scheme.. Any that are eligible for the scheme need to be automatically re-enrolled.
Estimate your contributions
These example contributions 1are based on banded earnings between £6,240 and £50,270 using the minimum 3% contribution rate. Earnings include salary, overtime, bonuses and commission, as well as statutory pay for sickness, maternity, paternity and adoption.
|
Average annual earnings |
1 eligible employee |
5 eligible employees |
10 eligible employees |
20 eligible employees |
|---|---|---|---|---|
|
£10,000 |
£112.80 |
£564 |
£1,128 |
£2,256 |
|
£20,000 |
£412.80 |
£2,064 |
£4,128 |
£8,256 |
|
£40,000 |
£1,012.80 |
£5,064 |
£10,128 |
£20,256 |
|
£80,000 |
£1,320.90 |
£6,604.50 |
£13,209 |
£26,418 |
Worked out using the 2021/22 automatic enrolment lower (£6,240) and upper (£50,270) amounts, with an employer contribution of 3%
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