ICAP is to launch a pensions system in order to comply with auto-enrolment requirements ahead of its September 2013 staging date.
Around 1,000 of the interdealer broker’s 1,600 employees will be covered under the new system, which manages pensions administration and communications issues. The remaining 600 staff are already in the firm’s Group Flexible Retirement Plan, which includes a group personal pension (GPP) plan.
The system, provided by Ceridian UK, automatically identifies and enrols eligible employees into ICAP’s chosen pension scheme. It manages all aspects of the administration, from sending communications to staff to handling opt-out requests and refunds, and managing postponement periods. The product also integrates with payroll.
Simon Hemmings, head of compensation and benefits for London and Europe, Middle East and Africa (EMEA) at ICAP, said: “When we went to market to see what options were available, we were frankly surprised that our payroll provider had a readily available, off-the-shelf product.
“It was not an obvious first choice for us. At the time, none of the other payroll providers had anything to offer and the benefits’ providers did not have fully working products.
“The product works through payroll, allows for employee self-service and integrates with our pension provider. It does everything we require.”