Leeds Building Society all set for auto-enrolment
Leeds Building Society and Equiniti ICS have teamed up to undertaking a full trial of the new auto-enrolment requirements with the Society’s 900 staff.
Alan Foley, director of Equiniti ICS, said it will provide LBS with outsourced administration services, managed employee communications, real time reporting and full regulatory reporting.
He said: “We are pleased to announce that the UK’s fifth largest building society has been the first to sign up to our outsourced auto-enrolment service in advance of the legal requirement in October.
“Our new service leverages our current payroll and human resources service and technology platforms and expertise and we are delighted that Leeds has chosen us for this.”
Auto-enrolment requires all companies to enrol their employees into a qualifying pension scheme, which commences in October 2012 with a phased introduction over four years.
Employers with more than 120,000 staff commence in October, organisations with between 50,000 and 119,999 start in November 2012 and those employing over 500 by the end of 2013; and all other employers by 2017.
Becky Hewitt, head of HR for LBS, said: “Auto-enrolment brings with it a considerable administrative burden which we want to mitigate, while ensuring compliance and providing our staff with a high quality experience.
“I am confident that Equiniti ICS’s service will meet these needs, with automatic triggers, alerts and workflow to ensure everything is completed on time and to the required standard.
“For us, outsourcing was the right choice. It gives us peace of mind and frees up our internal resource to focus on other HR priorities.”
