Defaqto will now rate auto-enrolment schemes from one to five stars, based on the quality of the proposition being offered.
Defaqto’s star ratings will cover 40 auto-enrolment qualifying schemes from across 18 providers. The software will allow advisers to select schemes based on the days left before the business’ staging date and exclude solutions that do not meet a firm’s size and/or contribution requirements.
Richard Hulbert, insight analyst at Defaqto, said: “The Pensions Regulator suggests SMEs start to plan for auto-enrolment a year in advance.
“However, their own figures show many start the process much later. SMEs beginning the process late are limiting the advice they could be receiving on payroll improvements (which could cost them thousands of pounds over time) and the providers willing to accept them.
“Both factors make it difficult for advisers to help them.
“Our Engage software can enable many of these late starters to be advised. It empowers advisers to undertake research on all known solutions based on the SME’s workforce, needs and available time to staging.
“The real time saver is that Engage instantly creates a comprehensive and compliant report for the adviser to use. It is worth noting that 13 schemes can process applications within a week, four within 24 hours and three have a guaranteed acceptance policy.”
