Standard Life has increased its capacity to enrol new members into pension schemes from 4,000 to 60,000 a day in anticipation of a surge in business resulting from auto-enrolment.
The provider has also launched planning and modelling tools for employers and their advisers and an eligibility tool with the capacity to process details for 60,000 members in one go. It has also increased its capacity to process straight through online payments from 100,000 to 350,000 per day.
A recent report by Towers Watson predicted the average pension provider will be working at seven times capacity by the end of 2013.
Jamie Jenkins, Head of Workplace Strategy, Standard Life said: “We look after 35,000 schemes so from very early on in our planning for auto-enrolment we could predict the huge wave of employees that would need to be auto-enrolled and it was clear we had to increase our systems capacity to ensure we can meet the demand.
“During the past couple of years our focus has been on upgrading our systems to ensure our clients, and their advisers, can implement auto-enrolment easily and smoothly. We have also worked hard to ensure the 400,000 employees who will join through auto-enrolment have a great experience.”