Aviva sets out stall on auto-enrolment functionality
Aviva has set out its plans for the rollout of its employer-facing auto-enrolment functionality and its new workplace savings proposition ahead of October’s first staging dates.
The provider is adapting its systems to be able to accommodate single and multiple scheme solutions by October 2012.
It has also announced the planned launch a new online compliance monitoring tool to help employees meet their auto-enrolment obligations, which will also go live before October. Called Auto-Enrolment Manager for Employers, the system will manage employers’ compliance with the new regulations across multiple schemes. A new Aviva auto-enrolment default fund will also be launched ahead of that date.
The provider is also launching a new platform-based workplace savings proposition this summer. Called Work:Life, it will offer employers and employees access to GPP, total reward statements, flex and voluntary benefits. Work:Life will also incorporate a new interactive online financial planning tool called Lifeplanner, as well as Aviva’s existing Pension Tracker tool.
A new investment proposition, incorporating group Sipp, corporate Isa, a general investment account, child Sipp and junior Isa will be added in the first half of 2013.
Aviva head of workplace savings development Iain Oliver says: “As employers and advisers start to focus on how to implement their automatic enrolment solutions, it’s essential they have the support to do so efficiently and effectively.
“We’ve worked hard to understand the needs of employers as they plan towards their critical staging dates. We already support thousands of employers in the UK with their company pensions and we’ll continue to work with them as they look to find the best solutions to meet their automatic enrolment needs - whether it’s extending their existing pension scheme or implementing a new scheme.
“We know automatic enrolment is a key priority for employers over the next few years, but we also recognise that they are increasingly investing in wider benefits for their workforce - beyond the core salary and pension. Employers will want a simple way to present these benefits to their employees, to optimise employee engagement.”