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Auto enrolment standard

101

Meets the minimum contributions required for auto enrolment compliance on banded earningsMonthly Employer Services Charge £36
Auto enrolment plus

102

Same as 101 but based on basic earningsMonthly Employer Services Charge £36
Stepped saving

103

A phased introduction to a more generous employer pensionMonthly Employer Services Charge £36
Saving plus

104

Compliant contribution structures with total contributions of ten percent or moreMonthly Employer Services Charge £36
Matched saving

105

You set a minimum and maximum amount you are willing to contribute. Individual employees choose how much they want to contribute within that range and you match 1:1Monthly Employer Services Charge £36
Contribution levels until 05 April 2018
1% Employer
1% Employee
Contribution levels until 05 April 2018
2% Employer
1% Employee
Contribution levels until 05 April 2018
2% Employer
1% Employee
Contribution levels until 05 April 2018
Total contributions of 10% or more
Contribution levels until 05 April 2018
Flexible minimum and maximum ranges
Between 2-10%
Contribution levels 06 April 2018 - 05 April 2019
2% Employer
3% Employee
Contribution levels 06 April 2018 - 05 April 2019
3% Employer
3% Employee
Contribution levels 06 April 2018 - 05 April 2019
4% Employer
2% Employee
Contribution levels 06 April 2018 - 05 April 2019
Does not change
Contribution levels 06 April 2018 - 05 April 2019
Minimum must be at least 3%
Contribution levels from 06 April 2019
3% Employer
5% Employee
Contribution levels from 06 April 2019
4% Employer
5% Employee
Contribution levels from 06 April 2019
6% Employer
3% Employee
Contribution levels from 06 April 2019
Does not change
Contribution levels from 06 April 2019
Minimum must be at least 4.5%
Pensionable earnings definition
Band
Pensionable earnings definition
Basic
Pensionable earnings definition
Basic
Pensionable earnings definition
Basic
Pensionable earnings definition
Basic
Opt in and opt out management
Opt in and opt out management
Opt in and opt out management
Opt in and opt out management
Opt in and opt out management
Communication to employees
Communication to employees
Communication to employees
Communication to employees
Communication to employees

Contribution levels until 05 April 2018

Many schemes have phased contribution increases in 05 April 2018 to align with the auto enrolment legislation. These will be the contribution levels before that increase occurs

Contribution levels 06 April 2018 - 05 April 2019

There is a further legislated increase in minimum contribution levels in 05 April 2019. This would be the contribution level for the period 06 April 2018 – 05 April 2019.

Contribution levels from 06 April 2019

The last legislated increase in contributions is 06 April 2019. Assuming no changes in legislation this would be the ongoing contribution levels

Pensionable earnings definition

The actual cost to the employer depends on many factors. The definition of pensionable earnings is the most important: it is this amount that the contribution is calculated from.

Band Earnings– between the statutory minimum and maximum limits as set out by the auto enrolment legislation
Basic Earnings – the basic earnings of the employee, excluding any fluctuating income, e.g. bonuses, commission, overtime, etc.
Total Earnings – the total earnings of the employee

Opt in and opt out management

We provide services to allow members to opt in or out, and maintain an audit trail to ensure compliance with auto enrolment legislation.

Communication to employees

We provide communication to all members of the Plan, including the statutory letters when auto-enrolment applies.

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I firmly believe in NOW: Pensions' principle that everyone deserves the right to a better retirement. I look forward to being part of the team which aims to achieve this in the UK. — Win Robbins, former Head of European Fixed Income Barclays Global Investors
ATP comes to the UK pensions world with the highest commendations from the Danish trade unions, employers and government. NOW: Pensions' offering in the UK will be high quality, low cost, and honest and I'm proud to be associated with it. — John Monks, member of House of Lords and former General Secretary of ETUC and TUC
I am excited to be joining such a distinguished Board of Trustees, over-seeing a modern, transparent, cost efficient and high-performing pension fund. — Win Robbins, former Head of European Fixed Income Barclays Global Investors
“We were impressed with the simplicity of its scheme. The ease of implementation was also a big plus for us and has removed much of the administrative headache.” — Neil Tune, HR director at Fitness First
I've known ATP for many years and have enormous respect for the effectiveness of their investment strategy. I'm convinced that NOW: Pensions can become a major player in the UK and look forward to being a part of that success. — Chris Daykin, the former Government Actuary