Icap set auto-enrolment targets for providers

Simon Hemmings, benefits manager, Europe and Asia at interdealer broker Icap, had three objectives for the providers of his auto-enrolment project to meet.

These were to help Icap decide which employees were eligible for auto-enrolment; to help calculate contributions; and to help communicate with employees seamlessly, with as little manual intervention or human administration as possible.

Hemmings decided to stick with the organisation’s existing pensions provider, Standard Life, but required additional support from Icap’s payroll provider, Ceridian, because Standard Life was unable to calculate the employee contributions required for auto-enrolment.

But Hemmings says: “The system that Ceridian came up with made sense for us but, depending on your specific requirements and existing systems, that may not be the case for another employer.” Icap is using Ceridian in addition to its flexible benefits consultant, Capita Employee Benefits. Hemmings adds: “Our intermediaries help us make sure we make the right decisions and also ensure that the Ceridian system does everything that needs to happen from a legislative perspective. Ceridian provides the solution.”

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Ceridian’s system undertakes workforce assessment, pension contribution calculations for employees and employers, and sends out online pension communications for employees.

Icap runs a group personal pension (GPP) plan for 600 of its 1,600 employees. Its auto-enrolment staging date is September 2013.