This is partly up to the decisions you make in selecting a scheme, the payroll set-up you have and the level of contributions that you wish to make.
Auto enrolment can include some (or all) of the following costs. However, they are difficult to generalise as they will be specific to each company:
- Payroll costs (additional processing/interface builds/assessment costs)
- Assessment costs (if not incorporated into the payroll costs)
- Pension contributions
- Communication costs
- Additional administrative support
- Any financial advice that you may receive
- Internal implementation costs
- Pension provider costs
NOW: Pensions charges a monthly employer service charge which covers the costs involved in pension scheme set up and ongoing administration support. However, it is our mission to help keep costs to a minimum.