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Aims to minimise the initial and ongoing administration burden from employers, allowing them to focus resources elsewhere
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Developed in conjunction with employers and advisers
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Access to the recently launched corporate risk-based fund range
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Builds upon Standard Life's existing scalable platform, which already supports over 35,000 employer pension schemes with over 1.1 million members.
Standard Life has today unveiled full details of its streamlined auto-enrolment solution for employers. The platform-based solution removes the initial and ongoing demands of data administration in the three key areas - eligibility assessment, waiting periods and opt outs.
Standard Life has been working closely with employers and advisers on the design and features of the platform to ensure it supports them through the introduction of auto-enrolment and beyond. The solution has been developed on Standard Life's award-winning pensions platform to provide a simple, clear and flexible customer journey for employers and their employees. The technology will link seamlessly with Standard Life's group flexible retirement plan and trust based pension.
Stephen Ingledew, Managing Director (Corporate) said: "The next few years will be the most significant and challenging period the corporate benefits market has ever faced. Employers and trustees are moving into the new world of auto-enrolment and understandably they are looking to their advisers and providers to help them do this with minimal disruption.
"It was therefore essential we worked with employers and advisers to develop our auto-enrolment platform. Through the use of a proto-type demo, they helped shape the look and feel of the platform, as well as the administrative, employee joining and data management functionality."
Key features
Employers will be able to easily identify eligible employees by uploading a data file to the platform, which automatically sorts employees into the four categories defined by the regulation:
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Eligible employees
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Non-eligible employees
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Entitled workers
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Not eligible and no opt in rights
They will then be able to seamlessly enrol eligible employees, as well as using the segmented data to set up payroll payments and meet their communication requirements. The platform also gives employers clear sight of employees in the waiting period and those who have opted out.
The platform also allows employers to integrate their auto-enrolment processes with the National Employment Savings Trust (NEST) if they believe a joint approach is appropriate for their employees.
Employees will be supported by a range of interactive online and printed materials, which will clearly explain auto-enrolment and what it means for them.
The solution is also strengthened by Standard Life's recently launched Corporate Investment Proposition. The new range of funds allows employees to identify their attitude to risk and align themselves to a strategy that best fits their needs. The risk-based range is dynamically managed by internal and external experts who monitor and adjust asset allocation to optimise performance.
Ingledew added: "The overwhelming feedback is employers and advisers want a solution, and a provider, that not only meets their needs now but one that continues to develop and innovate for years to come. Our auto-enrolment platform provides that. It is easy for employers to use and importantly it removes demands from the pensions and HR team, allowing them to focus on the needs of their business and engagement of their employees.
"We will be working with employers and their advisers in line with scheme staging dates to ensure they are supported through this period of change. As one of the leading DC providers we have access to significant insight which allows us to offer guidance on the key issues."
Employers, trustees and advisers can find more information, including a video demo, at www.workbenefitszone.com.
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