Standard Life has launched a simplified version of its ‘Good to Go’ online auto-enrolment proposition which allows employers to set up a scheme themselves.
It is aimed at adviser clients who only demand a “light touch” approach, Standard Life said.
Good to Go Express, available this month, will enable advisers to “confidently” refer clients they have identified as having “simple needs” to a pension proposition which is easy for the employer to set up.
Good to Go Express is a more simplified process than its original ‘Good to Go’ system “with fewer choices required”.
The pensionable salary definition is basic pay, the joining basis is auto enrolment only and the waiting period is the maximum allowable which aligns to the employer’s pay reference period.
The maximum member charge will be 0.75 per cent a year and an employer scheme management fee of £100 a month will apply which is corporation tax deductible as a valid business expense. The fee does not attract a VAT charge.
Standard Life added around 25,000 employers are expected to stage between April and July, and that is why it is attempting to make administration as “easy as possible”.
Graeme Bold, Standard Life workplace proposition director, said: “Advisers will be segmenting their client base to enable them to manage their capacity so we have evolved our proposition to help them meet the demands of all their clients, big and small.
“We understand that not all clients are profitable for advisers when it comes to setting up their auto enrolment scheme. So where an adviser has identified a client with simple needs, or wants to take a light touch approach, they may want to refer them to our new, easy-to-access Good to Go Express scheme.
“Many employers will need more support from advisers, for which our fully-advised Good to Go proposition is ideal.”
