Legal & General today announced a new initiative designed to help employers meet the auto enrolment challenges they are facing.
WorkSave SELECT is an assessment tool, which has been designed to identify employees who qualify for auto enrolment and will simplify the auto enrolment process for employers wanting to use Legal & General's WorkSave Pension Trust or WorkSave Pension Plan as their qualifying pension scheme.
Recently Legal & General announced the launch of Choice and WorkSave Pension Trust. Choice is designed to manage the process around the employee decision to remain in or opt out of a qualifying pension scheme following auto enrolment. WorkSave Pension Trust provides a qualifying pension scheme that can offer refunds of contributions for short service leavers.
WorkSave SELECT is an online tool that uses the auto enrolment rules to assess whether employees qualify for their employer's pension scheme. Alongside ‘Choice' and ‘WorkSave Pension Trust', it provides a trio of services offered by Legal & General's Workplace Savings to help employers with many of the governance requirements surrounding the auto enrolment journey. The company sees WorkSave SELECT as a natural extension to help employers with the process of assessing whether employees meet the eligibility requirement for auto enrolment.
Ian Mahoney, Legal & General's Operations Director, Workplace Savings said: "The eligibility rules for auto enrolment will start to impact large employers from next year, although the legislation is not due to come into force until 1 October 2012. Legal & General recognise employers will want to have a clear understanding of who will be eligible and when to start talking to employees about the pension scheme. We intend to provide a range of flexible services, which includes ‘Choice' and SELECT to enable employers to fulfill their auto enrolment obligations."
The company has conducted research with both new and existing customers, which has identified a large range of concerns in respect of the eligibility process and calculations ahead of auto enrolment staging dates. The new initiatives combine to help
Legal & General's corporate clients ensure that they comply with the auto enrolment requirements.
Workplace Savings also provides an Employer Impact Assessment Calculator that enables employers to model the financial implications of auto enrolment on their business.
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