-Online auto-enrolment "hub" for administration and communication support
-Help and information on pension reform planning via dedicated website
AEGON UK Group Marketing Director, Paul McMahon today outlines the company's plans to capitalise on opportunities presented by the Government's pensions reform legislation.
McMahon says AEGON's proposition for new and existing corporate customers will centre on an online auto-enrolment "hub". This will be backed up by effective and engaging employee communications and by its dedicated pensions reform website, designed to improve awareness and offer education to employers and employees. McMahon believes the current economic climate will make employee engagement even more crucial for employers seeking value for money from their investment in employee pension provision and to attract and retain staff.
McMahon also reveals the company is in detailed discussion with NEST as to how it will effectively integrate the Government scheme into its workplace savings proposition to offer combined support for employers through the automatic enrolment process.
AEGON's online hub, which is expected to launch in Q4 2012, will offer employers
support in identifying different categories of worker based on payroll information provided
employee communications tailored to their particular category
collection and feedback of opt-out data
administration system to manage enrolment and future re-enrolment
full integration with web-based technology to collect and allocate contributions
AEGON will also help employers by providing employee communications to all categories of workers.
AEGON's contract-based group pension products are ready to be used as auto-enrolment schemes, for both new and existing business, from the planned start date of employer staging in October 2012. AEGON is also developing its platform solution for the Workplace Savings market which will launch in the first half of 2012.
In the run up to the 2012 implementation date AEGON will continue to boost awareness of, and provide education on, pensions reform through its dedicated website www.pensionsreform.aegon.co.uk/ . The site provides in-depth analysis of the regulations, online tools and calculators and, from March 2012, will also offer the opportunity to put questions to AEGON's panel of industry experts. It also has a download facility for AEGON's recently-launched free, calendar-based iPhone app which keeps users up to date with all future events and key legislative dates in the run up to auto-enrolment.
Paul McMahon says:
"Auto-enrolment is one of the biggest opportunities providers will have in the next few years to help address the continued lack of engagement and under provision in the critical area of long-term savings and I'm determined to place AEGON at the forefront of this activity. Our existing contract-based group pension product range is already fit for purpose and it will be complemented by the launch of our Workplace Savings platform in the next few months.
"Auto-enrolment presents a significant communication and administrative challenge for employers. But, if it's done well, it's also a great opportunity for them to engage with their employees and boost the value of their employee benefits spend. Our proposition will help employers do that.
"We're working closely with NEST to ensure that, where it's appropriate for our customers, we'll work with Government to support employers and encourage employees to save towards an adequate income in retirement."
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