Standard Life has launched a toolkit aimed at helping employers and advisers plan for the introduction of auto-enrolment and identify the potential cost impact.
Ann Flynn, Head of Corporate Marketing, Standard Life said: "From our research and discussions with employers it is clear that many are scratching their heads as to how to tackle the implementation of auto-enrolment. They're not entirely sure of the steps they need to take to meet their responsibilities, how much work is involved and importantly, how it will impact their bottom line.
"We have therefore developed a dedicated corporate benefits website which hosts a range of tools, news and videos to support employers and advisers through auto-enrolment and beyond."
The toolkit includes;
Pension Reform Pathfinder tool: An in depth planning tool which will help employers and advisers build up a personalised plan of duties and help establish a scheme to fit their requirements, and comply with auto-enrolment regulation.
Pension Reform Cost calculator: The pension reform cost calculator will help employers and advisers understand the potential cost of auto-enrolment by:
- Checking if a current scheme meets the requirements to satisfy the legislation
- Identifying the estimated ongoing costs of meeting legislation requirements
- Showing how the costs can be implemented gradually over time
- Demonstrating how costs could be reduced by providing the option for employees to pay through salary exchange.
Employer checklist: Gives employers an overview of the key tasks they must carry out in order to fulfil their new duties.
Data exchange guides: The guides will help employers navigate their way through their new duties and understand the impact on their current processes and systems.
Member communications timeline: The timeline gives a clear view of the mandatory member communications that pension reform legislation requires. It shows:
- The timeline - what communications need to be issued and when
- The regulations - which communications are mandatory and which are 'recommended'
- The ownership - which communications must be sent by the employer
- The member categories - what type of information needs to be communicated to each category of employees.
Pension Reform information for employees: A dedicated pension reform website page, aimed at educating employees, has also been created on www.standardlife.co.uk to inform employees about the changes. The site covers everything they need to know, from why pension reform is happening to what to do if they don't want to join their company pension scheme. There is also a short video which summarises pension reform and auto-enrolment.
Flynn added: "The cost and infrastructure impact will be a major concern for most businesses so these tools will help form the basis of discussions between advisers, HR teams and Finance Directors.
"With so many employers' staging dates falling in 2013 and 2014, it is crucial that providers support employers and their advisers to help make the transition as painless as possible. Our message to all employers is the sooner you start your planning the better."
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About Standard Life:
Established in 1825, Standard Life is a leading long term savings and investment company, with around six million customers worldwide. By understanding and offering innovative products to meet its customers’ needs, Standard Life helps people with their financial education and planning, so they can feel more confident about the future. Standard Life offers a range of individual and group pensions, SIPPs, ISAs, annuities, life assurance, offshore bonds, investment management, wealth management, tax planning and estate management services.
For further information, please contact:
For Standard Life
Senior Media Relations Manager
19a Canning Street
0131 245 2737
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