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Standard Life waives fees in bid to boost auto-enrolment business

Standard Life will waive fees for employers who sign-up to its automatic enrolment solution, ‘Good to Go’, at the start of 2016.

The move will be seen as a bid to seize the initiative from rival providers who have brought in employer charges this year.

Standard Life introduced a £100 per month “scheme management fee” on small schemes with low average contributions in 2014.

Following today’s announcement, employers who agree to use the provider’s scheme between 28 January and 30 April will not have to pay fees until January next year.

Standard Life head of employer & trustee proposition Alan Ritchie says: “Our aim in offering this fee holiday on Good To Go is to encourage employers to experience our award-winning solution and to help them take the first steps towards a high-quality workplace pension.

“This offer, combined with being able to set up so quickly and easily, means employers can have everything in place well before their staging dates and focus on other key business decisions.”

Now: Pensions and The People’s Pension have both introduced employer fees this year.

Employers using Now: Pensions will be charged up to £36 per month plus VAT, while The People’s Pension will charge employers who come to it directly a one-off fee of £500 plus VAT.

Employers using an adviser will pay a reduced fee of £300 plus VAT.

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  1. Rather highlights the popularity of this rubbish. The only way they might increase business is for them to pay firms to take it up. Charging SME’s (and in particular micro firms) any sort of fee for instituting a plan they didn’t want, will cost them money and a whole heap of unsought for admin, is rather rubbing salt into the wound.

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