Umbrella companies and pension providers Umbrella companies and pension providers
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  1. #1

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    Default Umbrella companies and pension providers

    I may have to stop working through my limited company and either go PAYE with the agency or use an umbrella company.
    At the moment my company pays directly into my pension which is with Aviva.

    The agency uses a pension provider I've never heard called NOW pensions and cannot pay into any other scheme directly so I would have to opt out and pay from net earnings into my Aviva Pension which I would like to avoid.

    Does anyone know of any Umbrella companies that use Aviva as their pension provider or are flexible in who they can pay to?

    Also are pension payments employer/employee paid by agencies/umbrella companies taken from gross income?

    Thanks

  2. #2

    Some things in Moderation

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    Here is a reply from DCG, I would expect other umbrellas and their pension providers to do the same

    Quote Originally Posted by DolanContractorGroup View Post
    Hi mogga71,

    Everybody contributes to the company pension scheme, Scottish Widows, and then our workers can move these funds over to their own preferred scheme/SIPP. Scottish Widows does not charge for this.
    Ask if they do, if they don’t then you are going to have to decide whether you still want to go with that umbrella.
    "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
    - Voltaire/Benjamin Franklin/Anne Frank...

  3. #3

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    Quote Originally Posted by icelolly View Post
    I may have to stop working through my limited company and either go PAYE with the agency or use an umbrella company.
    At the moment my company pays directly into my pension which is with Aviva.

    The agency uses a pension provider I've never heard called NOW pensions and cannot pay into any other scheme directly so I would have to opt out and pay from net earnings into my Aviva Pension which I would like to avoid.

    Does anyone know of any Umbrella companies that use Aviva as their pension provider or are flexible in who they can pay to?

    Also are pension payments employer/employee paid by agencies/umbrella companies taken from gross income?

    Thanks
    Dolan use Scottish Widows. Compare auto-enrolment providers | Pension plan options | The People’s Pension has a list of the various schemes marketed to umbrellas. What you want is an umbrella that allows Salary Sacrifice but not NEST as they contribution charge is insane what you won't get is umbrellas paying into Aviva directly as even if they did it would likely be something slightly different so not immediately accessible.

    Around here I suspect our recommendations would be Dolan if you need FSCA registered and Clarity umbrella if you don't.

    Things to look out for are contribution charges, annual charges and fees for taking funds out.
    merely at clientco for the entertainment

  4. #4

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    Quote Originally Posted by icelolly View Post
    Does anyone know of any Umbrella companies that use Aviva as their pension provider or are flexible in who they can pay to?
    I've just been going through the same thing. From the FCSA website, the following companies will allow salary sacrifice into your own existing pension fund:

    Sapphire
    Champion
    Unified
    Numbermill
    Carrington
    Brookson [Correction: Would only pay into their own with Aegon, but as my own pension is also with Aegon they said they could pay into that]
    Nasa
    Pendragon
    Paystream
    Orange Genie
    Liberty Bishop
    Fore Two


    Also are pension payments employer/employee paid by agencies/umbrella companies taken from gross income?
    If it's salary sacrifice, yes, it's taken from gross.
    Last edited by eatenrifles; 3rd February 2020 at 09:48. Reason: Correction

  5. #5

    Fingers like lightning


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    Quote Originally Posted by icelolly View Post
    Does anyone know of any Umbrella companies that use Aviva as their pension provider or are flexible in who they can pay to?
    Apologies no, but if you do end up with a different provider in order to gain the salary sacrifice arrangement then make sure there are no exit fees, so once you assignment is over you can transfer it out to your existing provider.

    Quote Originally Posted by icelolly View Post
    Also are pension payments employer/employee paid by agencies/umbrella companies taken from gross income?
    All employment costs are met from the Gross / Contract rate, so yes

  6. #6

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    Quote Originally Posted by eek View Post
    What you won't get is umbrellas paying into Aviva directly as even if they did it would likely be something slightly different so not immediately accessible.
    Can you explain what you mean by that? A number of Umbrellas can pay directly into your own (pre-existing) scheme and I can't see how it would be different from that point on.

  7. #7

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    Quote Originally Posted by Paralytic View Post
    Can you explain what you mean by that? A number of Umbrellas can pay directly into your own (pre-existing) scheme and I can't see how it would be different from that point on.
    Um which ones? That list someone posted doesn't look right to me.
    merely at clientco for the entertainment

  8. #8

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    Quote Originally Posted by eek View Post
    Um which ones? That list someone posted doesn't look right to me.
    If you can post the results of your findings from enquiries with umbrella companies from the last couple of weeks then please do.

    Otherwise, the list I posted was of the ones that responded positively on the subject to me in the same time period.

    If it helps someone, great. If it 'doesn't look right' to you, then I really care not a jot.

  9. #9

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    Quote Originally Posted by eatenrifles View Post
    If you can post the results of your findings from enquiries with umbrella companies from the last couple of weeks then please do.

    Otherwise, the list I posted was of the ones that responded positively on the subject to me in the same time period.

    If it helps someone, great. If it 'doesn't look right' to you, then I really care not a jot.
    Positively or definitely? The proof is in the detail and some on there just use Nest.
    merely at clientco for the entertainment

  10. #10

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    Quote Originally Posted by eek View Post
    Um which ones? That list someone posted doesn't look right to me.
    I have just joined Paystream and they are paying directly into my existing pension fund via Salary Sacrifice. One thing to note is the amount paid into the pension is based on the number of days worked in the pay period so you always get paid the NMW. I don’t think you can change the amount per day into the pension within the term of the contract.


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