Standard Life has agreed a single-tie deal with Punter Southall which will see the insurer provide an automatic enrolment solution for the consultant’s SME clients.
Under the terms of the agreement, which comes into effect from today, Punter Southall will offer employers with fewer than 500 employees an “off the shelf” Standard Life auto-enrolment product.
Standard says the deal will allow Punter Southall’s SME clients to access the provider’s online auto-enrolment tools to aid employee assessment and data management.
In addition, Standard will help communicate the benefits of the scheme to employees and will provide active management on the default investment fund.
The service will be priced on an individual basis. Standard says the price will depend on the agreed default offering, the number of members and the average monthly premium.
Standard Life workplace distribution director Alan Reid says: “It is clear from our discussions with many small and medium employers that they will be looking for straightforward solutions that are not only easy to implement to meet their regulatory requirements, but which also offer their employees the right solutions to help them save for retirement.
“We have worked hard with Punter Southall to put in place a proposition that allows that to happen and we look forward to supporting their SME clients through auto-enrolment and beyond.”
Punter Southall head of DC consulting Alan Morahan says: “Auto-enrolment is a challenge for all employers, particularly those in the small and medium sector.
“We were keen to provide these employers with a first class solution from a leading pension provider and the deal we have struck with Standard Life achieves this. Packaging our advice with their offering means we have a solution for SME clients to get them through their staging date and into business-as-usual mode as efficiently as possible.”