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 normally 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 proposition, 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.
David Williams IFA consultant Stephen Womack says: “It is welcome that Standard Life is looking to offer a solution for advisers down the size range of companies but we will have to test it to see how well it works in practice.”