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JLT Employee Benefits launches AE compliance support for SMEs

JLT Employee Benefits has unveiled a new service designed to support small and medium-sized enterprises approaching their auto-enrolment staging dates.

The service, called RetireSure Essentials, is aimed at streamlining the AE process and overarching pension scheme governance by ensuring that the chosen pension scheme complies with the new rules, and that its structure is appropriate to the needs of smaller organisations.

It will also provide ongoing support to these companies and provide tools and guidance to help employers run the scheme effectively.

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Stephen Coates, client relationship director at JLT Employee Benefits, said: “The biggest challenge smaller organisations will face when tackling auto-enrolment will be the selection of the right pension scheme, and then running it well. The onus will be on the employer far more than before, with the advent of increased regulation and flexibility at retirement.

“RetireSure Essentials overcomes the challenges and obligations of providing a robust pension scheme. It will give them confidence that they will be compliant in the eyes of the regulator, but also provide services to ensure that their employees extract the best value from their retirement savings.”

In conjunction with this launch, JLT Employee Benefits announced a deal with payroll and HR solution provider Moorepay, to introduce RetireSure Essentials as part of its AE offering to the thousands of customers that will be staging this year.

Justin King, chartered financial planner and registered life planner, at MFP Wealth Management, based in Dorset, said: “I think that anything aimed at helping smaller businesses is useful.

“A lot of these employers would have never taken out a pension scheme or even sought financial advice. They would probably make a one-off decision when choosing a pension scheme and would be unlikely to change the scheme unless something drastically goes wrong.

He added: “These employers would probably look to their accountants for guidance.”