AEGON today announces it has chosen leading business and technology company Logica to support the delivery of its pension reform proposition for new and existing corporate customers.
As announced in January, AEGON's proposition will centre on an online auto-enrolment "hub". By combining Logica's leading edge solution and experience of the pensions industry with AEGON's heritage and expertise in corporate pensions the company believes it will create a compelling support proposition for corporate customers.
Logica's technology solution is delivered in partnership with SuperChoice which is tried and tested in the Australian pension market and has been configured to meet UK requirements.
The online hub, which is expected to launch in Q4 2012, will offer employers
- categorisation of employees for auto-enrolment based on payroll information
- automatic calculation and validation of contributions based on scheme rules
- tailored employee communications, including electronic communications
- online facility to manage opt outs and opt ins together with automatic re-enrolment of all opt outs every three years
- regulatory reporting
- management information to help employers gain maximum value from their pension investment
NEST will be fully supported through the hub to form part of an integrated workplace savings proposition for employers. AEGON is also developing its platform solution for the Workplace Savings market which will launch in the first half of 2012.
Paul McMahon, Group Marketing Director, says:
"In the current economic climate, employee engagement is more crucial than ever for employers seeking value for money from their employee benefits spend and to attract and retain staff. Auto-enrolment is a great opportunity to get employees thinking about pensions and planning for the future.
"To make the most of auto-enrolment employers will need a reliable support proposition that both removes the administrative headache and shows their employees the value of pension saving. Logica is at the forefront of working with pensions and financial services organisations to address business and technology challenges and its solution is tried and tested. Combining this with AEGON's expertise in the corporate pensions market will give employers a market leading proposition."
Allison Fower, Head of Wealth Management at Logica, said:
"The pace of change in the UK pensions market is so fast that providers need to buy trusted, off the shelf solutions and services to remain competitive and offer the best service to their customers. AEGON has recognised that one of the key challenges of auto enrolment is to make it simple and easy to enrol employees into a pension scheme.
Our service, by being based on a proven solution in another marketplace, offers AEGON that advantage and will provide AEGON's customers with the best way of managing auto-enrolment."
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