Employee benefits consultant Broadstone Corporate Benefits has agreed a “strategic alliance” with Standard Life to provide a packaged automatic enrolment solution to small and medium-sized employers.
The deal will allow Broadstone to offer clients with up to 500 employees Standard Life’s group flexible retirement plan.
Employers will be able to access services including unlimited investment fund switching, an actively managed Standard Life default investment fund and employer and member communications.
A Standard Life spokesman says each employer will be priced on an individual basis dependent on the number of members and average monthly premium.
Broadstone chief executive Mark Howlett says: “The sheer number of employers commencing auto-enrolment in 2014 dictates that a process-driven solution is the safest way for SMEs to ensure that they meet their employer duties – particularly if they wake up to those responsibilities relatively close to their staging date.
“By partnering with Standard Life as a principal provider for SME auto-enrolment we can significantly reduce the burden on our clients by ensuring a rapid, straightforward process with the security of knowing that it is underpinned by a reliable, tested, technology platform.”
Standard Life workplace distribution director Alan Reid says: “With over 35,000 employers staging during 2014 there is going to be increasing demand for adviser services and for solutions which are simple and easy for employers to implement.”