Personal Pension  

Consultant rolls out AE service for employers

The firm’s head of employee benefits said the service, created in partnership with Standard Life, would help the 30,000 SME firms that will be required by law to auto-enrol their workforce during the next 18 months.

The service reflected the growing demand for affordable “consultancy-light” auto-enrolment solutions for the SME market, based on telephone and web-based employer support, said Mr Stancombe, and would allow employers to implement auto-enrolment in a quick and low-cost manner without compromising on quality.

The Barnett Waddingham proposition includes an employee webpage and helpline and additional tools on wider money management.

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Mr Stancombe added that the service offered “highly competitive and fully compliant charges”.

He said: “This solution was developed with the specific requirements of the SME market at

its core.

“Unlike larger companies, they often have less resource to spend on consultancy fees and complying with auto-enrolment legislation.”

Alan Reid, workplace distribution director for Standard Life added: “This is a complete, simple and high-quality auto-enrolment solution, which allows the compliance process to be as painless as possible for employers.”

Auto-enrolment a “nightmare” for advisers

Meanwhile, Graeme Mitchell, managing director of Scottish Borders-based advisory firm Lowland Financial, has warned that auto-enrolment is not the panacea for advisers, but rather a “horrendous idea” that creates “hassle and grief”.

He said: “Giving advice on auto-enrolment is an administrative nightmare. Big insurers are not interested in small firms, and many will be forced to opt for Nest.”