LEBC has partnered with Standard Life to provide a packaged automatic enrolment solution to small and medium sized businesses.
The deal will see the advice firm offer SME clients Standard’s group flexible retirement plan. Through LEBC, small firms will be able to access the provider’s online resources to administer their scheme and manage member communications.
Members will also be given access to an actively managed default investment fund from Standard’s corporate proposition.
This follows an announcement in April that LEBC had partnered with Aviva to create an online auto-enrolment compliance tool called ‘aeComply’.
LEBC divisional director of group savings and investments Glynn Jones says: “Our aim is very simple; to ensure that our clients and prospective clients have the best options available to them.
“In linking with Standard Life, we are able to add excellent service, product and default fund solutions to our aeComply system.
“Standard Life, like LEBC, is fully committed to creating solutions for the whole market, SMEs and micro employers through to 2018.”
Jones says charges for the offering have not been finalised and will vary from employer to employer.
Standard Life agreed a similar arrangement with Punter Southall earlier this year.
Standard Life workplace distribution director Alan Reid says: “As those employers who are due to stage in 2014 and 2015 start their planning, interest in auto-enrolment from SMEs is naturally increasing.
“From the start of the discussions [with LEBC], our focus was on ensuring the implementation process was as painless as possible for the employer, while at the same time providing a quality arrangement and supporting good outcomes for employees. This solution delivers that.”