Aegon UK launches auto-enrolment product

Aegon UK has launched an auto-enrolment product, SmartEnrol, in time to support its first pension schemes that reach their staging dates this month.

The product is available to employers with new and existing Aegon group pension schemes. It will allow employers to manage employee categorisation, communication, new entrants and payment.

In February 2012, Aegon announced it would be working with technology firm Logica to develop the product.

Richard Dallas, group marketing director at Aegon UK, said: “Between 2012 and 2018 more than eleven million people in the UK will be automatically enrolled into a workplace pension scheme.

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“It’s the employers’ responsibility to ensure they categorise and communicate with their employees. Employers need to manage the opt-in, opt-out and joining instructions from their employees.

“These changes bring a new set of reporting requirements to The Pensions Regulator and employers will face fines for non-compliance. We’ve designed SmartEnrol to make it easier for employers to meet their obligations under pensions reform.”