Aegon and Logica have partnered to launch an auto-enrolment product for the fourth quarter of 2012.
The online product is being delivered with SuperChoice, which has been used in the Australian pension market.
It will offer employers:
- Categorisation of employees for auto-enrolment based on payroll information.
- Automatic calculation and validation of contributions based on scheme rules.
- Tailored employee communications, including electronic communications.
- Online facility to manage opt-outs and opt-ins together with automatic re-enrolment of all opt-outs every three years.
- Regulatory reporting.
- Management information to help employers gain maximum value from their pension investment.
The national employment savings trust (Nest) will be fully supported through the product to form part of an integrated workplace savings proposition for employers. Aegon is also developing its platform for the workplace savings market, which will launch in the first half of 2012.
Paul McMahon, group marketing director at Aegon, said: “To make the most of auto-enrolment, employers will need a reliable proposition that both removes the administrative headache and shows their employees the value of pension saving.
“Logica is at the forefront of working with pensions and financial services organisations to address business and technology challenges and its solution is tried and tested.”
Allison Fower, head of wealth management at Logica, added: “The pace of change in the UK pensions market is so fast that providers need to buy trusted, off-the-shelf services to remain competitive and offer the best service to their customers.
“Aegon has recognised that one of the key challenges of auto-enrolment is to make it simple and easy to enrol employees into a pension scheme.”
Read more articles on auto-enrolment technology