RetireSure Essentials aims to streamline the auto-enrolment process and overarching pension scheme governance, by addressing two key aspects:
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Scheme design and selection – ensuring that the chosen pension scheme complies with the new rules and that its structure is appropriate to the needs of smaller organisations.
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Ongoing support – providing tools and guidance to help employers run the scheme effectively, with the ultimate aim of delivering a financially secure retirement for their employees.
In conjunction with this launch, Moorepay, the payroll and HR solution provider ( www.moorepay.co.uk), has agreed to introduce RetireSure Essentials as part of its auto-enrolment offering to the thousands of customers that will be staging this year. Having identified that selecting a provider was one of the biggest remaining hurdles to auto-enrolment, Moorepay decided to add value to its existing AE solution, by initiating a tender process with JLT Employee Benefits.
The initial challenge with auto-enrolment in 2012 was the unchartered territory that the larger employers and the industry had to navigate. Although the groundwork has now been laid, smaller employers face significant challenges of their own, particularly with regards to their resource, knowledge and budget limitations. In addition, there is increasing regulatory pressure for employers to be able to show that they’ve explained to members how the pension scheme works and how they can use it.
Stephen Coates, Client Relationship Director, JLT Employee Benefits comments:
“The biggest challenge smaller organisations will face when tackling auto-enrolment will be the selection of the right pension scheme, and then running it well. The onus will be on the employer far more than before, with the advent of increased regulation and flexibility at retirement.
“RetireSure Essentials overcomes the challenges and obligations of providing a robust pension scheme. It will give them confidence that they will be compliant in the eyes of the Regulator, but also provide services to ensure that their employees extract the best value from their retirement savings.
“We are delighted that Moorepay recognised that smaller organisations need extra help adhering to their auto-enrolment responsibilities and look forward to working with their clients.”
Fran Williams, Marketing Director at Moorepay, comments:
“We are excited to be partnering with JLT Employee Benefits because it gives us an opportunity to add further value to our existing auto-enrolment offering.
“We know how difficult it can be for SMEs to choose the right Pension Provider having recently surveyed a sample of UK SMEs about auto-enrolment. The survey uncovered that many businesses – over half of the respondents - still hadn’t chosen a Pension Provider despite the fact that their Staging Date was fast approaching.
“Moorepay is now able to deliver an end-to-end auto-enrolment solution to any small or medium organisation.”
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