Aegon has launched its workplace savings platform which allows employees to transition from corporate saving to taking a retirement income on one system.
The workplace savings platform builds on the existing Aegon Retirement Choices retail at-retirement platform which the company launched in November.
As part of the launch, Aegon has also announced a series of initiatives to help employers and advisers comply with auto-enrolment.
These include the reimbursement of 50 per cent of employers’ first three months of contributions where they sign up to Arc before the end of 2013. The offer is only available to employers who are new to Aegon, who will receive the reimbursements six months after their staging date.
The company says this is to encourage auto-enrolment engagement among employers.
Aegon has also developed a free auto-enrolment hub called Auto-mate, which collates information from companies’ human resources departments and assesses scheme data. The hub will track those employees who are not eligible for auto-enrolment and automatically update when they are eligible, and will also track those who opt out so they can be re-enrolled after three years.
The company has pledged to honour existing commission levels on auto-enrolment members to existing schemes where the profile of the scheme has not materially changes.
Arc also now includes a “gating” system which offers employees different levels of self-service for their corporate saving, and switches off information and products that are not relevant. There are four levels or “gates”, with basic facilities to take out Isas at one end of the scale, through to equities and exchange traded funds for more sophisticated employees.
Aegon UK chief executive Adrian Grace says: “Our platform is different because it allows individuals to secure their savings in the workplace and then seamlessly transition to their at-retirement needs. Our belief is this is the first in the market.
“We believe we should be working with forward-thinking employers who want to support their employees. We want to get auto-enrolment going, and we want to get it going fast. Every day that it does not happen, is a day when someone is not saving enough for retirement.”