Provider comparison
People's Pension vs Smart Pension
Side-by-side comparison from the PerkIQ directory. Cover, pricing, regulator status, and fit at a glance.
Category
Pension & Retirement
Pension & Retirement
Best for
1-10,000+ employees
1-10,000+ employees
Pricing model
0.5% AMC; small monthly admin charge
Free for employer; 0.45-0.75% AMC for members
UK presence
Since 2012
Since 2015
Regulator
TPR
TPR & FCA
Strapline
People's Pension is a not-for-profit master trust, one of the UK's largest workplace pension providers with over 6 million members. Strong default fund performance and competitive fees.
Smart Pension is a digital-first workplace pension master trust used by 70,000+ UK employers. Quick onboarding, modern member app, and competitive AMC make it a popular choice for SMEs.
What's included
- Master trust authorised by TPR. Independently governed by an experienced trustee board, with regulatory oversight from The Pensions Regulator.
- Strong default fund. Multi-asset, responsibly-managed default fund that has consistently outperformed peers over rolling 5-year windows.
- Direct payroll integrations. Native integrations with Sage, Xero, Iris, BrightHR and others for automated contribution submission.
- Online employer dashboard. Self-service employer portal for managing enrolments, contributions, and opt-outs without paperwork.
- Fast setup. Sign up online and start auto-enrolment in under an hour. No paperwork, no broker required.
- Member app. Mobile-first pension management, employees can change contributions, switch funds, and project retirement income in-app.
- Sustainable default. Smart Sustainable Growth fund is the auto-enrolment default, with ESG screens and climate alignment baked in.
- API integrations. Native integrations with major UK payroll systems (Xero, Sage, BrightHR, Iris) for automated contributions.
Who it's for
- SMEs and larger employers: an established, not-for-profit master trust with broad payroll compatibility.
- High-turnover or lower-paid workforces: straightforward administration and universal acceptance.
- Employers wanting a recognised, low-fuss scheme: a long-standing provider focused on core auto-enrolment.
- Employers wanting cutting-edge engagement tools: the member experience is functional rather than app-led.
- Schemes needing bespoke, advised governance: better served by a tailored arrangement.
- SMEs wanting low-admin auto-enrolment: fast online setup and strong payroll integration remove most of the monthly burden.
- Employers who value a modern member app: the digital-first experience helps staff engage with their pension.
- Growing businesses: a scalable master trust that runs the scheme governance for you.
- Employers wanting a bespoke, advised scheme: master trusts trade tailoring for simplicity and scale.
- Buyers chasing the lowest possible charge: compare the member AMC case by case before deciding.
At a glance
- TPR authorised
- Not-for-profit (B&CE)
- 6m+ members
- Auto-enrolment ready
- Strong default fund
- Direct & broker channels
- Master trust authorised by TPR
- 1.5m+ members
- 70,000+ employer schemes
- Self-service setup in <1 hour
- AMC 0.45-0.75%
- Sustainable default fund
Pick the right one with data, not a sales pitch
Score your benefits stack with PerkIQ and you'll see which of these (or another provider entirely) closes the biggest gaps for your team.
Information on this page is editorial, gathered from public sources and the providers' own materials, and does not constitute financial advice or a recommendation. For a quote, contact each provider directly or speak to an FCA-authorised broker. PerkIQ is not a reseller and earns no commission on provider sign-ups.
