Thursday, 18 July 2013 09:56
Standard Life simplifies auto-enrolment for advisers
Standard Life has simplified its auto-enrolment process into five stages to help firms quickly convert their schemes.
The process is aimed at firms with existing pension arrangements who want to convert it to a qualifying workplace pension scheme. The processes allow firms and their advisers to make decisions and use interactive tools and videos.
The five processes are checking the scheme qualifies as a workplace pension scheme, designing the scheme to meet Government standards, preparing for pension reform, implementing the scheme and managing it on an ongoing basis.
Graeme Bold, workplace proposition director at Standard Life, said there would be a significant increase in firms implementing schemes in 2014.
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He estimated that firms need at least six months to complete the process.
He said: "2014 will be a crucial year for the success of auto-enrolment as the number of employers staging increases dramatically. Standard Life will be supporting over 3,500 existing clients alone. It was therefore essential that we not only continued to enhance our systems to support the capacity but that we delivered a straightforward, online process to reduce the burden on advisers and employers.
"In the last month we have been in contact with over one thousand advisers who have clients staging in 2014 and our message to them is clear. Prepare early. In our experience employers need to start considering how to manage their new duties at least six months out from their staging date so the earlier they start the better."
The processes and tools are available via workbenefitszone.com/getready
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The process is aimed at firms with existing pension arrangements who want to convert it to a qualifying workplace pension scheme. The processes allow firms and their advisers to make decisions and use interactive tools and videos.
The five processes are checking the scheme qualifies as a workplace pension scheme, designing the scheme to meet Government standards, preparing for pension reform, implementing the scheme and managing it on an ongoing basis.
Graeme Bold, workplace proposition director at Standard Life, said there would be a significant increase in firms implementing schemes in 2014.
{desktop}{/desktop}{mobile}{/mobile}
He estimated that firms need at least six months to complete the process.
He said: "2014 will be a crucial year for the success of auto-enrolment as the number of employers staging increases dramatically. Standard Life will be supporting over 3,500 existing clients alone. It was therefore essential that we not only continued to enhance our systems to support the capacity but that we delivered a straightforward, online process to reduce the burden on advisers and employers.
"In the last month we have been in contact with over one thousand advisers who have clients staging in 2014 and our message to them is clear. Prepare early. In our experience employers need to start considering how to manage their new duties at least six months out from their staging date so the earlier they start the better."
The processes and tools are available via workbenefitszone.com/getready
• Want to receive a free weekly summary of the best news stories from our website? Just go to home page and submit your name and email address. If you are already logged in you will need to log out to see the e-newsletter sign up. You can then log in again.
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