The agreement, which comes into effect immediately, allows PSDCC to offer their SME clients Standard Life’s Group Flexible Retirement plans as an ‘off the shelf’ auto-enrolment solution.
The deal gives access to Standard Life’s auto-enrolment tools and online resources for employers to administer their scheme and for employees to join, manage and monitor their pension.
SMEs will also be offered enhanced member communications and an actively managed default fund as well as access to the full range.
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.”