Aegon has outlined plans for its online auto-enrolment proposition that it expects to launch in the fourth quarter of 2012.
The life insurance and pension provider is also in discussion with the national employment savings trust (Nest) to determine how it will integrate the government scheme into its workplace savings proposition to offer combined support for employers through the auto-enrolment process.
The auto-enrolment proposition will include:
- Support in identifying different categories of workers based on payroll information provided.
- Employee communications tailored to particular categories.
- Collection and feedback of opt-out data.
- Administration system to manage enrolment and future re-enrolment.
- Integration with web-based technology to collect and allocate contributions.
Paul McMahon, group marketing director at Aegon UK, said: “Auto-enrolment presents a significant communication and administrative challenge for employers.
“But, if it is done well, it is also a great opportunity for them to engage with their employees and boost the value of their employee benefits spend. Our proposition will help employers do that.
“We are working closely with Nest to ensure that, where it is appropriate for employers, we will work with government to support employers and encourage employees to save towards an adequate income in retirement.”
Read more articles on the pension reforms and auto-enrolment