Auto enrolment costs
The costs and ongoing charges of setting up and running a workplace pension vary depending on the pension provider that you choose. They each offer different levels of service and support, which should be reflective of the amount you’re paying to setup and run your workplace pension.
When looking at these charges, you might want to consider how much time you’ll be able to spend on your auto enrolment duties, and whether this could be reduced by choosing a provider with a more comprehensive package.
Running your new workplace pension will involve additional payroll duties. If you use payroll software, you’ll need to check that it has the functionality to complete auto enrolment tasks, such as assessing your employees’ eligibility.
You’ll also need to make sure that you send the right communications to your employees at the right time – a crucial step in managing your workplace pension. If you need to upgrade your software to allow for this, there might be a charge.
If you outsource your payroll to a payroll bureau service, they may be able to help with the day-to-day running of your workplace pension. This might be included in their current charges, but some providers charge extra for these services.
Part of making sure your workplace pension is compliant involves sending a range of regulatory communications to your employees.
Some pension providers will offer software that can issue these communications for you. Check if your provider does, and if not then consider the time and money that would go into producing auto enrolment communications yourself.
Missing your staging date can increase the cost – both in terms of what you pay to set up the service and in fines that you may incur and have to pay to The Pensions Regulator. For more information on the cost of late staging, visit our fines and penalties page.
As an employer, you’ll have to pay pension contributions, and your employees will have to make contributions to their own workplace pensions too. By law, the contributions that you make as an employer must meet the minimum contribution levels set for auto enrolment. Find out more about pension contributions.
How much does the Aviva workplace pension cost?
We charge an on-going fee each month to run your workplace pension scheme. The cost of this is generally £30-£50 per month, but it may be more depending on the size of your scheme - you’ll need to submit a quote in order to see how much this fee will be.
This charge is referred to as an employer pension charge. In return for this fee, we provide a software and support package that’ll help you with the administration involved in running your workplace pension.
We don’t charge any set-up fees.
Find out more about auto enrolment
Auto enrolment doesn’t have to be challenging. We’ve got all the information you need to get up and running with your workplace pension scheme.