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SME auto-enrolment solution launched
In partnership with Standard Life we have launched a new complete packaged auto-enrolment solution, specifically designed for the 30,000 small and medium enterprise (SME) companies who will be required by law to auto-enrol their workforce in the next 18 months.*
"SMEs often have less resource to spend on consultancy fees and complying with auto-enrolment legislation."
The launch of the solution reflects the growing demand for affordable ‘consultancy light’ auto-enrolment solutions for the SME market that are compliant and do not compromise on quality for employees. Benefits of the new solution include:
- A high quality pension arrangement that addresses employees’ priorities, e.g. a smoother investment journey and tools to understand pensions but importantly wider money management
- ‘Consultancy light’ which enables quick, low cost implementation for the employer
- Confidence for both the employer and employees from ongoing governance
- A focused 5 step ‘end-to-end’ process
- Highly competitive and fully compliant charges, benefiting from partnering early with Standard Life and reflecting Barnett Waddingham’s scale in this market.
Damian Stancombe, head of employee benefits, says: “We developed this solution with the specific requirements of the SME market at its core. Unlike larger companies, SMEs often have less resource to spend on consultancy fees and complying with auto-enrolment legislation. Our product is an affordable, ‘consultancy light’ option which allows employers to feel safe in the knowledge that they are not only auto-enrolment compliant, but also providing a high quality pension for their workforce. We see this very much as a ‘comply plus’ solution for SME employers.”
Alan Reid, workplace distribution director, Standard Life adds: “2014 will see a dramatic increase in demand for advice and services from the thousands of SMEs who are approaching their auto-enrolment staging date. We are pleased to partner with Barnett Waddingham to offer a complete, simple and high quality auto-enrolment solution which allows the compliance process to be as painless as possible for employers.”
*The Department of Business Innovation