Standard Life has launched an auto-enrolment solution that allows advisers to set up a pension scheme for small and medium-sized employers in six minutes.
Standard says the online offering, called ‘Good to go’, can produce a quote for scheme terms in 60 seconds – a process the provider says can take up to 10 days.
This quote is based on information the adviser inputs including the company’s staging date, payroll information and employer and employee contribution levels.
The new offering, which allows advisers to implement a qualifying auto-enrolment scheme in six minutes, is designed to help advisers provide a lower cost solution to SMEs who may not require a full advice service.
Standard Life workplace proposition director Graeme Bold says charges are calculated on a case-by-case basis, with an upper limit of 1 per cent. The provider would need to review this if the Government follows through with proposals to cap auto-enrolment charges at 0.75 per cent in April next year.
Bold says: “Capacity and scale are going to be the big challenges next year and we think this will very much be an adviser-driven market.
“It used to take up to 10 days to turn around terms for employers but the new online process means quotes can be returned in 60 seconds.
“In 2014 nearly 35,000 employers will be implementing auto-enrolment into their businesses. That poses a big challenge for advisers looking to put in place solutions that not only fit the needs of their SME clients but which also focuses on providing employees with good outcomes when they retire.”