Standard Life has launched its new Lifelens employee benefits portal, with the system going live with IBM within the next two weeks.z
IBM is the first of 10 blue chip clients signed up to Lifeline to go live in 2011, with Standard Chartered Bank also adopting the system soon. That development is a product of Mercer’s link-up with Standard, Friends and Zurich to develop platform offerings.
The proposition will initially be available to existing large employer clients but Standard says it will be rolled out to employers of all sizes through intermediaries within three weeks.
Standard says Lifelens is the first fully integrated employee centric portal to provide employee pension and non-pension benefit solutions via the workplace. It has the flexibility to allow employers to configure the solution to meet the individual needs of their employees. It offers a range of savings options, flexible benefits, online payslips, total reward statements, planning and modelling tools, product collateral and educational material.
But the provider is adamant that this is not a corporate wrap, as it offers more functionality and is addressing employers’ business needs.
Charges can be fees, AMC or a mixture of both.
Launching the proposition, Standard also released research carried out in conjunction with occupational psychologist, Emily Hutchison. It found that 80 per cent of employers feel responsible for their employees’ financial security with 22 per cent feeling it is their primary responsibility. Meanwhile 75 per cent of employees said they would value support with financial planning.
Gerry O’Neill, managing director, corporate solutions at Standard Life says: “Lifelens provides Finance Directors with an effective solution to meet the challenge of controlling the cost of benefit provision and leveraging efficiencies in administration. HR Directors have the ability to configure and control benefit and payroll costs via a single portal. Lifelens also becomes the launch pad for their future benefit plans.
“We are the only company in the market to offer a single integrated solution which will address the business issues employers’ face around cost management, employee engagement and recruitment and retention.
David Curtis, group head, pensions and benefits, Standard Chartered Bank says: “We believe this is a really exciting development which will bring genuine benefits to our employees. The opportunity to provide a broad range of savings and investment products under a single solution will give employees both flexibility and ease of use.”