Technology and employer flexibility are at the heart of Scottish Widows new auto enrolment solution which was unveiled today.
The new AssistMe platform will help employers of all sizes meet their auto enrolment obligations which come into affect in just a couple of weeks time for the UK's largest employers and will be rolled out to almost all UK employers over the next five years.
The main features of the new solution include:
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Single interface - assessing employees eligibility for automatic enrolment, calculating contributions, dealing with opt outs, opt ins and re-enrolment.
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The platform can interface with existing pay roll systems and handle varying payroll periods.
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Easy to configure to the needs of the individual business, AssistMe is intended to simplify employers' management of their pension scheme post auto enrolment.
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Compliance - provides employers with the mandatory communications templates they require as well as generating the necessary reports to show compliance with their duties under new pensions reform legislation.
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Segmentation - for employers who require a segmented approach AssistMe enables use of the People's Pension or NEST for auto enrolment purposes alongside employers Scottish Widows group personal pension.
Lynn Graves, Head of Business Development, Corporate Pensions for Scottish Widows said:
"The introduction of auto enrolment is just weeks away and we recognise the challenge this will bring to employers and advisers.
"Technology and employer flexibility are crucial to making auto enrolment a success and we have built these into the very heart of our new solution. We know from our market research that employers are concerned about the administrative requirements of auto enrolment and the Scottish Widows AssistMe solution directly addresses this concern.
"Many employers have diverse workforces and our new AssistMe solution can address this challenge by offering choice of providers through the combined expertise of Scottish Widows, The People's Pension or Nest depending on the needs of their own organisation. This will also ensure employees are enrolled into an appropriate scheme and making the right decisions for their financial futures."
The new solution is powered by SBC Systems, a global leader in employee benefits technology.
James Markham, Managing Director, SBC Systems (UK) commented:
"Much of the concern amongst employers regarding the introduction of auto-enrolment has been with the potential cost and complexity of the associated administration to maintain compliance. Scottish Widows' new AssistMe solution - powered by SBC technology - will not only remove that concern but will open the door to enriching the range of additional services provided to employers. The AssistMe solution will bring to the pensions marketplace the fully automated, online experience we have grown accustomed to in our everyday lives as consumers but which until now has been absent from pensions administration. The potential for transformation through this hub solution is substantial"
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