Aegon has outlined plans for an online auto-enrolment hub for administration and communication support and says it is in detailed discussions with Nest on integrating it into its proposition.
The hub will launch in Q4 2012 and will offer employers support in identifying different categories of worker based on payroll information provided, employee communications tailored to their particular category, collection and feedback of opt-out data, administration system to manage enrolment and future re-enrolment and integration with web-based technology to collect and allocate contributions.
Aegon UK group marketing director Paul McMahon says the current economic climate will make employee engagement even more crucial for employers seeking value for money from their investment in employee pension provision and to attract and retain staff.
The provider is also developing its platform solution for the Workplace Savings market which will launch in the first half of 2012.
McMahon says: “Auto-enrolment is one of the biggest opportunities providers will have in the next few years to help address the continued lack of engagement and under provision in the critical area of long-term savings and I’m determined to place us at the forefront of this activity. Our existing contract-based group pension product range is already fit for purpose and it will be complemented by the launch of our Workplace Savings platform in the next few months.
“Auto-enrolment presents a significant communication and administrative challenge for employers. But, if it’s done well, it’s also a great opportunity for them to engage with their employees and boost the value of their employee benefits spend. Our proposition will help employers do that.
“We’re working closely with Nest to ensure that, where it’s appropriate for our customers, we’ll work with Government to support employers and encourage employees to save towards an adequate income in retirement.”