Mattioli Woods has partnered with Standard Life to launch an auto-enrolment product for small and medium-sized enterprises (SMEs) that stage from April 2014.
Targeted at those with 250 staff and below, the product aims to provide an easy solution for employers who have not yet decided which scheme they will use for their staging date.
Alan Fergusson, employee benefits director, said: "In this stage of the Auto-enrolment roll out, there are many companies who have no previous experience of offering a scheme, but need advice and guidance as to which way they should go. It is clear to us that many SME’s are still not engaged in that process."
The Auto-Enrolment in a Box product will provide:
- Quick approval of terms
- Technology backed solution for communication at launch
- Weekly and monthly payroll accommodated
- An actively-managed default investment fund and a wide range of additional fund options
- Compliance with Qualifying Workplace Pension Scheme legislation
Alan added: "Our experiences in advising larger clients in the early days of Auto-enrolment has pointed to the requirement for a streamlined process that will deliver what SMEs want and need; a simple, compliant, process-driven solution that will ensure both they and their employees are able to take advantage of the new legislation to the best of their ability. We understand that different employers need differing solutions, and we will continue to advise many clients for which this is not suitable."
Alan Reid, workplace distribution director at Standard Life, said: "We have seen a significant increase in interest in Auto-enrolment as the staging dates approach for the 35,000 SMEs scheduled to enrol their employees in 2014. One thing that is clear is the majority of employers will be looking to financial advisers to ensure this significant and potentially challenging business process goes smoothly. The solution we have teamed up with the Mattioli Woods group to provide is designed to make the Auto-enrolment staging process for both advisers and their clients as easy as possible. We are looking forward to working with Mattioli Woods demonstrating our commitment to supporting small and medium-sized clients, and ultimately helping make Auto-enrolment a success."
The Auto-Enrolment in a Box solution will be offered at a fixed cost and will also have governance services added to ensure ongoing compliance with the legislation.
Mattioli Woods offers many years’ experience in all aspects of employee benefits through its Kudos and Atkinson Bolton subsidiaries, including workplace savings and ancillary schemes, both in the UK and globally.