Standard Life is removing all entry criteria for its ‘Good to Go’ auto-enrolment proposition as the insurer sets its sights on the SME market.
The scheme previously blocked employers with fewer than five members. It also imposed a minimum average contribution level of £25 a month and refused to accept firms where more than 10 per cent of workers were on short-term contracts.
However, from the end of this month these barriers will be stripped away. Charges are calculated on a case-by-case basis but will be subject to a 0.75 per cent cap from next month.
Standard Life head of employer and trustee proposition Alan Ritchie says: We believe it’s important that all employers have access to a high quality auto-enrolment proposition that can deliver great outcomes for their employees. That’s why we’re making our flagship solution available to all employers who haven’t yet staged, no matter what their size.
“Our move addresses the auto enrolment needs of the 40,000 small and medium-sized employers expected to stage during 2015 and the hundreds of thousands of employers who will stage in 2016 and 2017.”