Taking the pain out of pensions for UK SMEs
The Pensions Act 2008 introduced the requirement for every employer in the UK with more than one employee to automatically enrol certain employees into a qualifying workplace pension scheme. The requirement to auto enrol has been staggered, with the largest employers beginning in 2012. It is predicted that 500,000 SMEs will set up a workplace pension and begin to automatically enroll their employees in 2017, the largest number to date to be set up.
SMEs are under more pressure than ever before to move into uncertain territory within a challenging and constantly shifting business landscape. Many don’t have the benefit of in-house pension expertise like larger employers and so are looking for guidance and support in order to understand their duties and make sure they are compliant.
SuperTrust, a UK Master Trust, which focuses on high quality bespoke workplace pension solutions within the SME marketplace, launched an auto enrolment platform in 2016 to address the growing needs of SMEs to meet their obligations. They recognise the challenges of auto enrolment and offer SMEs using their Master Trust multiple payment methods for making pension contributions.
Working with the SmartDebit API they have been able to fully integrate Direct Debit into their payment mix, enabling further expansion into the growing market.
Malcolm Delahaye, Director for SuperTrust UK, says, “Through working with SmartDebit we have managed to create a truly automated payment facility for new as well as existing employers”.
Dennis Kemp, also Director for SuperTrust UK, added, “Whilst we are committed to continue to accept pension contributions via bank transfer, we encourage participating employers who can utilise this facility and benefit from an automated Direct Debit solution.”
To date, SuperTrust have hundreds of employers using their Master Trust, processing over £1.5 million in pension contributions, with an ever growing number using the Direct Debit facility provided by SmartDebit.
Chris Sibley, Managing Director at Adviser Business Solutions, says, ”Now we are using the SuperTrust’s SmartDebit solution for processing the payment of pension contributions, all payments are settled correctly and on time. It is efficient, secure and reliable”