Cost
Introduction
As each client is different, it is challenging to provide a definitive indication of costs (particularly as rather than working on a time and materials basis, we always aim to provide our clients with fee certainty and provide a fixed fee quotation) but please find following some guidance based on our two core services (‘Minimum necessary’ and ‘Full service’).
In most cases, our costing model is based on an initial consultancy fee followed by a monthly retainer. Please feel free to contact us to discuss the specific requirements of your business.
Client Pathways
- Minimum necessary to comply with UK legislation
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Initial consultancy including report and recommendations, implementation of a simple multi-employer/“Master Trust” Qualifying Workplace Pension and comprehensive Auto-Enrolment compliance - £2,450-£3,950 + VAT
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Followed by a fixed monthly admin fee/retainer based on headcount, e.g. with an employee headcount of between 1 and 5 employees, a fixed fee/retainer of c.£175 per month plus VAT will apply, rising as headcount increases. However, if all the employees opt-out, we will reduce our monthly fee to a fixed retainer of c.£95 per month plus VAT until such time as an employee remains in the pension.
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- Full service including initial consultancy
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Initial ‘Discovery and Consultancy’ stage - c.£1,950 + VAT
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Report & Recommendations and Implementation - £TBC*
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Followed by a fixed monthly admin fee/retainer and an ad hoc ‘new joiner’ fee based on your headcount / complexity of the programme £TBC*
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- Full service excluding initial consultancy
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As in 2. above but without the c.£1,950 ‘Discovery and Consultancy’ fee
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Followed by a fixed monthly admin fee/retainer and an ad hoc ‘new joiner’ fee based on your headcount / complexity of the programme £TBC*
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- Full service for clients with an existing employee benefit programme
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Initial fee of between £950-£3,250 to review the existing benefit plans (depending on the number and complexity of existing benefit plans)
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Followed by a fixed monthly admin fee/retainer and an ad hoc ‘new joiner’ fee based on your headcount / complexity of the programme £TBC*
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- Adding in additional employee benefit plans
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If initial consultancy required, fees as in 2. above
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If no initial consultancy required, fees as in 3. above
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* Once you have decided on the benefits you wish to provide, our team will obtain pricing for the relevant benefits from the relevant market and prepare a report with recommendations of the plans for you to accept.
With your approval we will complete all the relevant paperwork with the chosen plan providers, arrange the requisite HMRC approvals and prepare a comprehensive summary of the employee benefit programme for you to issue to staff as they come on board.
Our fees will be dependent upon the number of benefit plans you wish to provide, the extent to which we will need to liaise with payroll each month and the headcount levels, hence fees will be quoted after the initial consultancy stage.
Having said the above, a basic programme of 4 core benefits (Healthcare, Qualifying Workplace Pension, Life Insurance and Long Term Sickness/Disability cover) can be provided for as little as 7% x payroll, including the OutBenz monthly administration costs.
