Abbey National and payroll specialists Rutherford Webb have teamed up to develop a revolutionary payroll initiative to enable employers to implement stakeholder pensions with ease.
The pilot initiative, aimed at small, medium and large businesses, has been put in place to help employers meet stakeholder pensions obligations set by the Government, the deadlines for which come into force in October 2001.
Employers will be required to deduct employee contributions to stakeholder pensions from their net pay and pass details to the stakeholder pension providers. Many current payroll systems are not geared up to work with stakeholder providers’ computer systems which means that employers will have to re-key in employees’ information.
Rutherford Webb’s new system will enable employers to gather information for pensions contributions directly from payroll and send it to Abbey National at the click of a button. This will allow Abbey National to make the necessary direct debit deductions in a more automated and streamlined fashion making life easier for the employer, the pension provider and the employee.
By using the new initiative, employers can be confident that data errors will be minimal, thereby avoiding potential penalties which can be levied for failure to keep accurate records.
Abbey National and Rutherford Webb will be able to supply a solution to companies whatever their size using either staffpay.net, an internet payroll aimed at small businesses, or Payrite, an award-winning2 fully functional payroll software suitable for any size of business.
Hugo Thorman, Director of Pensions for Abbey National said, "This is a pioneering effort from Abbey National and further evidence of our consistent endeavours to make our customers’ lives easier. We aim to help those employers who choose Abbey National as their stakeholder pension provider as much as possible, by making the whole process straightforward and effective.
"To help explain stakeholder pensions and work through any potential problems, Abbey National has also created a dedicated team of 60 experienced Relationship Managers for employers, both large and small, to help smooth the way with scheme design, employee communications and payroll issues."
Employers who want to know more about stakeholder pensions or who want to designate Abbey National as their Stakeholder Pension Provider should visit http://www.abbeynational-pensions.co.uk
John Rutherford, Chief Executive of Rutherford Webb said, "We are delighted to be working with Abbey National to provide solutions that meet the requirements of businesses across the whole spectrum from five employees upwards. We expect the Abbey National/Rutherford Webb alliance to lead the way within the financial services industry in providing packages designed to make life easier for businesses by easing the legislative burden."
Notes to Editors
The value of tax relief depends on your personal financial circumstances and may be affected by future changes in legislation.
You should remember, if you stop or reduce your contributions your pension will be lower than you originally planned, perhaps significantly. The value of investments can fall as well as rise and is not guaranteed. ABBEY NATIONAL, WHICH IS REGULATED BY THE PERSONAL INVESTMENT AUTHORITY, ONLY SELLS ITS OWN LIFE ASSURANCE, PENSION AND COLLECTIVE INVESTMENT SCHEME PRODUCTS.
1 The initiative is also being supported by Legal & General and payroll provider TAS ("The Accounting Solution").
2 Rutherford Webb won Payroll Software Provider of the Year for staffpay.net at the Pay Magazine Pay Awards 2000. The awards have become a well established and highly regarded event in the Payroll calendar over the past six years.
About Rutherford Webb & staffpay.net
Rutherford Webb was founded in 1982 as a partnership and incorporated in 1989. The company is based in Surrey with clients based across the UK. Rutherford Webb is a payroll specialist company, developing, marketing and supporting complete payroll solutions.
Payrite is a fully functional modular payroll system. The core system covers all basic payroll aspects including automatic SSP, SMP, Court Orders etc. Additional modules cover BACSTEL payment, Expense and P11D management, Absence Control and Analysis, Pay Spine Operation, SAYE Management, Foreign Currency payment (including Euro with triangulation), Working Time Directive and Minimum Wage management. Rutherford Webb guarantees legislative compliance.
There are over 600 installations of Payrite, with high profile clients including, Hoverspeed, Legoland, Cannons Leisure, Scottish Council for Voluntary Organisations and ITV Network.
Staffpay.net is a secure Internet based payroll service aimed at small companies launched by Rutherford Webb in December 1999. The service removes the legislative burden from small businesses and is more cost effective than similar bureau based options.
For more information please visit: http://www.ruthwebb.co.uk
John Rutherford/ Stephen Teal
Tel: 01342 834242
P R Artistry Ltd
Tel: 01491 636191
Abbey National contacts:
Gaby Hancock, Media Relations
0207 612 3874
Alexandra Chilvers, Media Relations
0207 612 3813
This press release was distributed by ResponseSource Press Release Wire on behalf of PR Artistry in the following categories: Consumer Technology, Personal Finance, Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.