Mattioli Woods has partnered with Standard Life to launch its own auto-enrolment product targeted at the small and medium-sized employers that are to be staged into the reforms in their thousands from April 2014.
Targeted at those with 250 staff and below, the product aims to provide an “easy” solution for employers who have not yet decided which scheme they will use for their staging date, the firm said in a statement.
The Auto-Enrolment in a Box product will provide: “quick” approval of terms, a technology- backed solution for communication at launch, weekly and monthly payrolls and an actively-managed default investment fund and a “wide range” of additional fund options.
The solution will be offered at a fixed cost and will also have governance services added to ensure ongoing compliance with the legislation.
A number of firms that are not traditional providers of occupational pension schemes have announced plans to get into the auto-enrolment space, as fears grow of a ‘capacity crunch’ that could affect the more established providers from 2015.
Last month, Lighthouse announced it was launching a multi-employer ‘master trust’ solution targeted at smaller employers based around “BirthStar age-based target date funds”, managed by Alliance Bernstein.
Alan Fergusson, employee benefits director at Mattioli Woods’ subsidiary Kudos, said: “In this stage of the auto-enrolment roll out, there are many companies who have no previous experience of offering a scheme, but need advice and guidance as to which way they should go. It is clear to us that many SMEs are still not engaged in that process.
“Our experiences in advising larger clients in the early days of auto-enrolment has pointed to the requirement for a streamlined process that will deliver what SMEs want and need; a simple, compliant, process-driven solution that will ensure both they and their employees are able to take advantage of the new legislation to the best of their ability.
“We understand that different employers need differing solutions, and we will continue to advise many clients for which this is not suitable.”