Buck Consultants has launched an auto-enrolment system, which is designed for small and medium-sized employers.
Enrolment Pro can be integrated with employers existing systems or used as a standalone platform. It includes modules that guide employers through each stage of auto-enrolment, from auditing existing systems through to assessing ongoing governance.
The modules are:
- Audit – Examine current pension arrangements, undertake financial modeling, review payroll functionality.
- Plan – Develop implementation strategy, consider communications options, gather competitor analysis, conduct employee engagement research.
- Design – Restructure existing arrangements, source the right pension plan(s) for employees, develop affordable investment options, propose communications strategy for effective member engagement.
- Deliver – Organise stakeholder training, pension plan implementation, manage communication programmes, implement technology compatible with payroll/HR systems.
- Evaluate – Conduct independent review of implemented system, establish robust governance committee structure, provide regular independent monitoring and support.
Philip Smith, head of defined contribution and wealth at Buck Consultants, said: “Auto-enrolment calls for new levels of collaboration between HR, payroll and pensions teams never seen before, as well as ongoing communication with employees.
“Employers need to make the right decisions to ensure they comply with these new obligations. Larger employers have specialist teams and advisers to deal with auto-enrolment, but those who are facing staging dates from August this year won’t necessarily have the expertise or systems in-house.
“We have therefore developed Enrolment Pro specifically to meet the needs of the medium and smaller-sized employer.”