Jelf Employee Benefits has linked with Scottish Widows to launch its new automatic enrolment proposition.
The firm’s new offering, ‘Jelf Money at Work’, is designed to provide employers and their staff with support ahead of auto-enrolment, which begins for the UK’s biggest employers in October this year.
As part of the launch, the employee benefits consultant has negotiated a deal with Widows which will mean employers who enrol their staff at the minimum of 2 per cent will have their annual management charge calculation based on a total contribution of 8 per cent.
For example, a combined employer and employee contribution of £50 at 2 per cent will incur the lower charges associated with a £200 contribution.
AMCs on the Widows GPP range from 0.5 per cent to 1 per cent, depending on the amount of money the provider expects to receive from each individual employer. Employers who use the Jelf Money at Work will also be able to choose other pension schemes for their staff, such as Nest.
Jelf corporate benefits director Alan Millward says: “The deal we have negotiated with Widows allows clients who want to enrol their workforce at the statutory minimum of 2 per cent to access a more competitively priced GPP.
“There may still be clients where Nest or other low-cost schemes have to become part of the solution and Jelf Money at Work will allow them to do that.”
Informed Choice managing director Martin Bamford says: “With high pension charges currently in sharp focus, this looks like a good deal for employees who will benefit from the best possible terms within this plan.”