Standard Life says its automatic enrolment offering will include an integrated tool which will simplify the compliance process for employers.
Last week, Standard confirmed details of its auto-enrolment offering after posting a 6 per cent fall in operating profit last year to £220m from £234m in 2010.
Speaking to Money Marketing, Standard Life UK chief executive Paul Matthews says the proposition, which is due to launch in the fourth quarter this year, will centre on its Lifelens employee benefits platform.
He says: “One of the challenges for the industry is that every major company has to put in place an auto-enrolment process for its business. That means a process that allows the employer to comply with the legislation because, without that, companies would struggle to fulfill the reporting requirements.
“We needed to build something which allows the employer to comply without having to do a huge amount of work. We already have Lifelens which offers flexible benefits, pension position, goal-based planning, investment solutions and corporate Isas. The compliance tool will be integrated into the Lifelens proposition and we expect the first two schemes to be using the proposition at the start of quarter four this year.”
Scottish Widows and Aviva both recently confirmed details of similar auto-enrolment propositions that help employers meet legislative requirements.
Hargreaves Lansdown head of advice Danny Cox says: “It seems sensible for providers to make it as easy as possible for employers to comply with the new rules.”