New Post Advanced Search

AE - Fees Question

edited 30 November -1 at 1:00AM in Auto-enrolment
3 replies 3.1K views
sarah-jane2sarah-jane2 Forumite
10 posts
edited 30 November -1 at 1:00AM in Auto-enrolment
Hello
I'm a micro-employer - 2 staff on £2400pa and myself as a Director on around £1200 a month. I am resigned to AE as there's every chance our staff members and their salaries will increase. My staging date is August 17.
Initially, I got a letter from the company that does my payroll suggesting I make them the secondary contact - ie, the contact all corres goes to - so I did.
Now I've received another letter from them saying that for a one-off fee (how I hate that phrase) of £300 + VAT they will set up a scheme (not choose one though), advise employees, and deal with all letters etc. In short, ensure we're compliant.
I am guessing more clients took them up on their offer than anticipated!
I hate admin with a passion, and I'm all for paying experts when they're needed, but £360 seems steep to me. And for what? Any folks already enrolled who can tell me how time consuming set up was?
Any advice gratefully received.
Sarah

Replies

  • LHW99LHW99 Forumite
    2.8K posts
    Eighth Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    Doesn't seem too bad for getting the initial stuff done & making sure you are compliant.

    We pay more than that for our annual accounts (once pa), and we have 2 directors on similar salary to yourself, no staff and a fairly low turnover.
  • The price seems more than acceptable compared to the price the AE company I work for would quote you.

    It could be done yourself using Nest. Have a quick read and see what you think - thepensionsregulator.gov.uk/employers/your-step-by-step-guide-to-automatic-enrolment.aspx
  • Hi! as an IFA our fees would be £2,000-£3,500 depending on what you needed doing. Although, for that we would provide advice (thus reducing your risk) and ensuring that you are compliant. We would also deal with most of the admin for you. I think that £300 plus VAT for this service is expensive as you could just got to NEST, peoples pension or NOW and do that job yourself with the information they should provide you as your payroll company (without additional cost).
    Sealed Pot Challenge 373 - Target £300- Total £56.78
    married in 2014
    Paid off all Catalogues 10.10.2014

    Debt Free July 2016
This discussion has been closed.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support