Automatic Enrolment solution aims to enable employers to manage their entire ...
The People's Pension recently won the prestigious Automatic. Enrolment ...
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Preparing for Automatic Enrolment
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Working with The People’s Pension from B&CE
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We expect most employers’ Automatic Enrolment needs will be fully met through a Scottish Widows product. In some situations however a single provider will not always be the most effective route and segmentation of the workforce may be the optimum solution. Segmentation can deliver greater benefits where there’s a significant difference in contribution levels between sections of the workforce. The employer and adviser can decide how best to segment a workforce and which provider(s) to use to meet their needs. If an employer chooses an alternative pension provider designed to meet the needs of lower paid and seasonal workers we’ll work alongside the other provider with the aim of delivering a streamlined and joined up administrative approach. Our Automatic Enrolment solution aims to enable employers to manage their entire workforce through a single interface, called AssistMe. Where Scottish Widows agree that AssistMe can be used, it will direct relevant data automatically to Scottish Widows or to an alternative provider where one has been selected by an employer for part of their workforce. A segmented approach with Scottish Widows means we can continue to offer: • A broader and more sophisticated proposition which will often be used in conjunction with the services of a financial adviser • Bespoke employee education and engagement as part of the wider employee benefit package specific to that employer • Education and engagement across the broader spectrum of retirement planning products, assets and wider retirement issues.
We understand however that from an administration perspective, employers may prefer a single scheme. It’s important that where an employer chooses more than one product provider to fulfil their Automatic Enrolment obligations, the overall administration has the look and feel of a one scheme solution, but ensures the employees are, as far as possible, placed in an appropriate scheme for their needs. To achieve this we’ve developed a framework, which brings together the Scottish Widows Group Personal Pension (GPP) and The People’s Pension, from B&CE.
Working with The People’s Pension from B&CE The People’s Pension is delivered by B&CE, a not-for-profit company, which already provides 1.8 million people with retirement benefits, many of whom are low to moderately paid and seasonal workers – an area in which B&CE specialise. By working together we ensure that each employee gets the most appropriate and cost effective proposition which is right for them. The People’s Pension recently won the prestigious Automatic Enrolment Provider of the Year Award at the UK Pensions Awards 2013, as well as best ‘DC Master Trust’ at the PIPA Awards 2013.
This information is for UK Financial Adviser use only and should not be distributed to or relied upon by any other person.
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B&CE handle over 22 million transactions every year and looks after members with a UK based service team. Their experience means they can minimise the administrative burden for employers who require this type of pension scheme. Where an employer chooses to work with both Scottish Widows and The People’s Pension we’ll minimise the administrative effort for the employer, using a single front end which spans both arrangements.
Why The People’s Pension? Scottish Widows and The People’s Pension share a commitment to real value and focus on driving good outcomes for customers at retirement. The People’s Pension is a solution we know complements and supplements our own Corporate Pensions Solution and we believe our agreed framework with The People’s Pension will deliver the following: • A one stop shop for employers to manage their entire workforce through a single dynamically updated online interface
• Flexibility to adapt to changes in member’s circumstances and re-allocate them to the Scottish Widows or The People’s Pension as required • For employees who become eligible for the Scottish Widows GPP, our agreed framework with The People’s Pension means the servicing of the transfer transaction will be a simplified process • For qualifying schemes, project management support to create an overarching project plan for both segments of the workforce, to ensure smooth implementation regardless of which scheme the employees are joining • Co-ordinated production of combined ongoing MI and governance solution to the employer where Scottish Widows is lead provider. As the Group Pension Provider of the Year, we’re committed to helping employers attract and retain staff as part of a rich and attractive employee benefit package.
• A reduction in the employer’s administrative effort and ensuring a streamlined joined up experience issuing communications and recording and reacting to ongoing activity
We understand Automatic Enrolment will have significant implications for all employers in the UK and we are working hard to implement a compelling, efficient and future proof Automatic Enrolment strategy.
• One data upload for both schemes. AssistMe will segment and direct employee categories and relevant data automatically to Scottish Widows or to The People’s Pension
For more information on how we can support you with Automatic Enrolment please visit www.scottishwidows.co.uk/pensionsreform or talk to your account manager.
• On-going communications between Scottish Widows and The People’s Pension servicing teams to help ensure smooth administration and scheme operation • A smooth process for servicing enquiries from employees of either provider to be passed to the appropriate team • mymoneyworks which can be available as a single portal and primary interface for all employees
Scottish Widows plc. Registered in Scotland No. 199549. Registered Office in the United Kingdom at 69 Morrison Street, Edinburgh EH3 8YF. Telephone: 0131 655 6000. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 191517 24473 09/13