Friends Life unveils auto-enrolment proposition
Friends Life has revealed details of an online automatic enrolment “hub” designed to help employers meet their duties under the reforms.
The hub will collect employees’ payroll and HR systems and assess them against the new rules to determine what pension arrangements and contributions need to be made for each employee.
Friends Life managing director of corporate benefits Colin Williams (pictured) says: “Making auto-enrolment work will require employers to review their employee base for eligibility and contribution levels at every pay date.
“This will be a complex task, particularly for companies with large numbers of employees, or who pay wages weekly, have multiple payroll and HR systems or which have employees whose pay varies.
“Our hub will ease the burden for employers by acting as the link between HR and payroll systems and pension administration systems, making the process of getting the right employees into the right scheme simpler and ensuring ongoing management runs smoothly once each employer has passed the initial staging date.”