Aegon-owned Origen is launching a restricted advice service targeting small and medium-sized employers using Aegon’s workplace platform.
The new business, Origen Workplace Solutions, will provide advice to companies with between 25 and 250 employees ahead of their automatic enrolment staging dates. It will operate alongside Origen’s existing whole of market propositions.
It is understood Origen plans to spend between £1m and £2m on recruitment and marketing for the new business.
Origen chief executive Mike Kirsch (pictured) expects around 20 advisers to be working in OWS before the end of 2013.
He says: “It is clear in the corporate arena that, because of pensions regulation and the auto-enrolment requirements, there is going to be a feeding frenzy and a lot of companies will need advice to get them through their regulatory and legal requirements.
“Given that over the next two or three years there is a sea change going on with auto-enrolment and the RDR, we think the market is ripe for a new restricted proposition to sit alongside our whole of market proposition.”
Kirsch says Origen chose parent company Aegon’s workplace savings proposition ‘ARC’ to provide the pension solution for OWS after carrying out “due diligence across the market”.
Origen’s own benefits portal will provide access to the ARC savings platform, as well as total reward statements and employee financial education tools.
Origen’s move into restricted advice follows a period of sustained losses. During 2011, the firm recorded a £3.5m pre-tax loss following a costly internal review of systems and controls relating to past failings.