Auto-enrolment legislation is bringing change within the workplace pension arena on an unprecedented scale. With this change comes tremendous business opportunity, as over the next few years, every employer in the UK must do one of the following:
- Make changes to an existing workplace pension scheme
- Replace an existing scheme
- Establish a scheme for the first time
Regardless of the pension scheme itself, employers must also comply with complex legislation and potentially onerous administration processes, on an on-going basis.
How can One Scheme help you?
We are not an authorised IFA business ourselves and therefore not in competition with you. Our aim is to provide support to you and your clients, which we do in 2 ways:
1. You deal directly with the client
For IFAs who are active in group pensions and wish to deal with the clients directly, we essentially act as the product provider. This includes setting up One Scheme as the employer’s qualifying workplace pension and if needed, the use of our auto-enrolment software for segmenting the employees & the calculation of contributions. We will also supply bespoke literature for each scheme, for distribution to employees.
We charge an initial setup fee and an annual management fee which vary according to the size of the scheme – please contact us if you would like further details.
If the employer wishes to use our auto-enrolment “middleware”, there is an additional fee of £0.75 pm per employee. We do find however that most employers choose to use their own payroll software for running the on-going auto-enrolment calculations.
2. You introduce the client to us
Many IFA firms are reactive to the occasional opportunities that arise when dealing with workplace pensions. Consequently, they find that group scheme business usually takes up valuable time and resource for very little reward.
If you wish to provide a complete solution to your clients but don’t want to get involved yourself, then you can simply introduce the client to us and we will deal with the whole process directly.
We pay an introducer’s fee for each client introduction that results in One Scheme being implemented. This will vary according to the size of the scheme – again, please contact us for further information.
In addition, we often find that in launching a new workplace pension scheme, other business opportunities are generated; which we would simply pass back to you to as the introducing IFA.
Whichever route is most suitable for you, you can be sure that your clients are benefitting from a fully-featured, but low-cost pension solution.