What if I don’t want to pay the bank transfer fees?
The easiest way to avoid any bank transfer fees is to pay by Direct Debit. Find out more here.
What options do I have if I am an overseas employer or struggling to set up a Direct Debit?
If you’re an overseas employer and/or struggling to set up a Direct Debit, you can set up a Direct Debit by using Revolut, Tidal or Wise. Find out more here.
If none of the above methods are suitable, you can apply to pay by bank transfer. Please read our help article.
Where should I pay the bank transfer fees and contribution amount?
Bank transfer fees (set up and monthly fees) | Pension contribution amount |
Smart Pension Limited | EC2 Master Limited |
How will you recognise my bank transfer payment?
As part of your setup, we will provide you with a specific payment reference. This will be the unique identifier. Please make sure you also use your employer ID and the period the payment relates to in the description field of your bank. For example, “12345March24”.
How do I know my bank transfer payment has been successful?
You can sign in to your Smart Pension account, click the payments section and the contribution should display. Please note this may take a few days to update following receipt of your pension contribution amount.
When do I need to make my pension contribution amount?
You’ll need to make sure that pension contributions are paid by bank transfer by the 22nd of every month. Please be aware that if you pay by Bacs it will take at least two days for a payment to clear.
Failure to pay before the 22nd of the month, and being more than 30 days late may result in being reported to The Pensions Regulator.
Where do I need to pay my bank transfer fees?
Bank transfer fees are payable to Smart Pension Limited. We will provide the bank details and reference number as part of your setup process. We reserve the right to charge interest at the rate of 2% per annum above the Bank of England base rate if any invoice for payment payable is not paid within 30 calendar days. This may also apply if an incorrect payment has been made and is not resolved within five working days of receipt of the incorrect payment.