Pension scheme

Umbrella Company Pension

No Worries Umbrella offers all employees a pension service run by Smart Pension. Our payroll is tightly integrated with Smart Pension and offers all employees incredible flexibility when choosing how they would like to operate their pension contributions.

About your Pension

All new No Worries Umbrella employees are automatically enrolled with Smart Pension when they first join us. This is a requirement of the Pensions Regulator. Each new employee will be contacted directly by Smart Pension to welcome them to the pension service, and to set-up their online account with Smart Pension. From there all employees have full visibility of their Pension account, including the ability to opt-out if they want.

For those employees with Smart Pension, pension contributions are deducted from every payslip, and this information is reported across to Smart Pension each week. Then once per month, Smart Pension will collect the Pension contributions our payroll has deducted, and distribute those funds into each individual pension account. Through the Smart Pension portal you have complete visibility of this, along with the ability to control where those funds are invested within the Smart Pension portfolio of options.

How it works

No Worries Umbrella operates pension contributions on a qualifying earnings basis. This means that weekly income between £120 and £967 (for our weekly paid employees) is subject to our pension contributions calculation. For monthly paid employees the qualifying earnings band is from £520 to £4,189. If for example you are a weekly paid employee and decide to contribute 3% of your Timesheet income as an employers contribution, and 5% as an employees contribution (these are the default rates used), and your weekly gross earnings was £600, then you would contribute (600 – 120) x 8% = £38.40 into your Smart Pension fund.

Pension Planning

Our software integration with Smart Pension means we operate an incredibly flexible pension product for our Umbrella workers. You can change your contributions percentages whenever you like, to whatever thresholds you choose (up to 100% maximum). You can also choose a salary sacrifice arrangement where all your pension deductions are taken as employers contributions, or you have a mixture of both employers and employees contributions.

What is better than getting a tax-free contribution into your pension? Getting TWO contributions. As an Umbrella worker you control the level of both employers and employees contributions into your pension scheme.

Why Smart Pension

The Pension products on offer to our Umbrella workers along with the tech options available to tightly integrate No Worries Umbrella with Smart Pension made this an ideal match for us. But in case that is not enough, here are some other reasons to enjoy Smart Pension;

  • Smart Pension use cutting-edge technology to give you a fast, easy-to-use, modern service. Your Smart Pension account helps you save and plan for your future.
  • A group of independent trustees manage your pension scheme. They look after your interests and work for you. Smart Pension have received investments from global financial giants Barclays, J.P. Morgan, Natixis, Link Group and Legal & General Investment Management.
  • Manage your pension savings anywhere, at any time with the tap of a finger. You can find the app on the App Store and Google Play.
  • Free, unlimited access to over 1,200 discounts at major retailers across the UK. You could save over £400 a year. Check out the Smart Rewards programme.
  • Smart Pension offer a simple charging structure, a 0.30% annual management charge for all but four funds and a £1.25 per month fixed charge.
  • Smart Pension have a dedicated member area at the Smart Pension website. They also provide you with a simplified two-page pension statement every year, so that you can easily stay up to date with your pension savings. You can also join the Smart Pension member webinars to hear from the trustees, ask questions and provide feedback.


Have a question?

Come in and see us, or give us a call. We would love to discuss what you’re after and how we can help!