supporting Supporting the employer Welplan Pensions Summary of charges

Transcription

1 supporting Supporting the employer Pensions Summary of charges

2 Welcome to Pensions This leaflet explains the services you and your employees will have access to. It also sets out the charges involved and is presented in a standard format, so that you can easily compare our charges with other pension scheme providers. The information follows the Pension Charges Made Clear Code of Conduct. There are other things you should also consider when making a choice about the pension scheme you will use, such as the quality of communications with your employees and the suitability of investment options. You can find more information about what makes a good pension scheme on the Pension Regulator s website.

3 Charges and transaction costs Summary of charges Your employees will be charged for being members of the pension scheme. Below, we have set out the charge your employees will pay in the scheme s default investment option. Please note that this charge may change and it is our intention to reduce our charge over time. As the employer, you will not have any charges to pay. Standard charges Percentage of employee s pot taken as a charge Maximum of 0.6% of pot each year Transaction costs Costs are also incurred when buying and selling members units in the Scheme s investment funds (managed by Legal and General Investment Management). The impact of transaction costs on each member s accumulated fund will depend on their particular investment choices and the number of changes that members choose to make. Typically, costs for the Scheme s default investment option will not exceed the following: Estimated average dealing cost 0.08% of transaction value Average stamp duty and/or transfer costs 0.05% of fund Average costs of commission 0.01% of fund

4 What does this mean for your employees? To see how our charges can affect your employees pension pots, please visit to access the quick, simple-to-use calculator provided. You will need to input some basic information, such as the date you will be enrolling your employees and the average salary of your workforce. In addition you will need to enter charge specific information as set out below: Standard charges Extra charges Percentage of employee s pot taken as a charge each year. Our annual management charge is a maximum of 0.6%, so enter 0.60 here. Percentage of employee s pot taken as a charge each year when the employee stops contributing. Our standard annual management charge applies, so enter 0.60 here. Fixed charge per year. There are no fixed charges so enter 0.00 here. Percentage of each contribution paid in taken as a charge. We do not apply any charges other than our standard annual management charge so enter 0.00 here. Does a large fund discount apply? We apply our standard annual management charge regardless of fund size so click No here. Extra percentage of employee s pot taken if employee transfers. We do not charge for transfers into or out of Pensions so enter 0.00 here. Do any other charges apply? No. The only charge for Pensions is our annual management charge of up to 0.6% so click No here.

5 What services are included in the charge? Included in the charge Information and advice to you, the employer Helping you implement automatic enrolment Communication to employees Notes We have an online system that can automatically assess your workforce. We send all post-enrolment communications directly to your employees and we are experienced at delivering pre-enrolment employee communications. Bespoke microsite for employees and employers Our website includes an enquiry service and has a full range of scheme literature to download. Microsites are available on request. Individualised online accounts for scheme members In 2016, our scheme members will have access to a secure online account to view and make changes to their pension account. Telephone helpline for employees Our UK based freephone helpline specifically for employers and scheme members is open 9am-5pm Monday to Friday. Face to face help for employees Face to face meetings can be arranged. Setting up and running the scheme Scheme-specific governance framework The scheme is run by an independent, experienced Trustee Board. Scheme-specific administration team Employers have direct access to experienced scheme administrators who also offer a member support service. Automatic enrolment record keeping and support compliance service We handle all opt out requests and routinely update you with relevant information. Our online system enables you to keep an audit trail of workforce assessments.

6 What services are included in the charge? Included in the charge Managing your employees investments Monitoring suitability of the default fund Availability of specialist funds upon request Notes We regularly review whether the investments in the default fund are still suitable for your employees. Ethical funds Sharia-compliant funds Not currently, although the Trustees regularly review the suitability of current funds available against the scheme s membership profile. Not currently, although the Trustees regularly review the suitability of current funds available against the scheme s membership profile. Costs of one-off services (per member) Splitting a pension on divorce No charge is applied. Transfers in and out No charge is applied. Supporting employees at retirement Advisor to help employees to find the best annuity We offer an Open Market Option annuity service via Mercer. A panel of annuity providers, selected by Mercer, provide annuity quotations at no additional cost to members. Selected panel of annuity providers A panel of annuity providers is selected by Mercer.

7 Why should you choose us? Employers tell us they need a pension scheme that is simple, flexible, cost effective and one which can adapt to meet the changing needs of their business. Pensions meets all of these needs: Pensions is simple Pensions is administered by acting as a corporate Trustee, thereby removing these burdens from you, the employer. As an industry-wide scheme, members may remain in the scheme when transferring between participating employers. Contributions can be made alongside other benefit scheme contributions, which greatly simplifies payroll administration for you. Pensions is tailored to your needs specialises in meeting your precise business requirements, including automatic enrolment. We offer a simple, cost-effective one-stop-shop for all your pension and employee benefit requirements that is tailored to the needs of your business - now and for the future. Pensions is flexible You choose a contribution package that is right for you and we help you to present the scheme to your people and administer the scheme for you thereafter. Pensions is cost effective Our dedicated in-house, experienced administration team offers a direct, timely, streamlined yet low cost service. The only cost to scheme members is an annual management charge, so your employees start to accumulate their personal fund from day one. Pensions has experience The scheme has been providing industry-wide pensions since Currently supporting over 300 employers, our flexible approach to customer service enables us to meet the specific requirements of a wide range of industries.

8 Contact us for further information on: Freephone helpline Flexible Simple Cost effective For all welplan Limited Old Mansion House Eamont Bridge Penrith Cumbria CA10 2BX