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 Life’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 Life’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.”
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.
Rowley Turton director Scott Gallacher says: “Clearly there is an issue around a lack of auto-enrolment advice for small firms but I’m sceptical about this solution. I’d also question the impact it would have on the advice firm’s independent status if it is only offering one provider’s solution to certain employers.”