In our last Blog, we identified a number of key steps that employers need to action to ensure there is a smooth transition towards auto-enrolment for their business and their employees. Here we highlight the solutions AGL Corporate Services have created to help assist employers with these issues.
It is vital that employers pick a pension scheme that works best for their staff. There are many providers, catering for all kinds of companies, but the advent of auto-enrolment has also brought more providers that offer low-cost and simplified pensions into the mix.
But low-cost and simple is not for everyone. It might be that employers want their employees to have access to a wider range of, for example, investment options. After all, an added value company pension is still seen as a great employee benefit.
Each arrangement is fully personalised to each employer, with scheme-specific documentation, and fully flexible charging structures available to suit all requirements. The unbundled arrangement allows total transparency of charges. All administration and support is UK based, and we provide a dedicated scheme owner within the administration team.
CATEGORISE WORKFORCE / COMMUNICATION / SYSTEMS
The AGL Corporate Services auto-enrolment portal has been built around award-winning technology, designed to reduce employer administration costs, resources and responsibilities, with full online access for employers and employees. The portal will compliantly collect, assess and report all the data requirements of a company’s chosen pension scheme.
Scheme providers typically dictate the investment routes available by way of a panel. The provider will decide what fund houses are available on their “platform” and also, in most cases, will lack the offering of a more bespoke service from, for example, a Discretionary Fund Manager.
With the AGL Corporate Pension Trust arrangement, the employer, in discussion with the scheme adviser, can formulate an investment offering specific to the particular requirements and wishes of the employer. No longer will the scheme be dictated to by the provider, which may decide at any time to take a specific fund off their platform.
At AGL Corporate Services, we have designed our new trust-based proposition around the specific needs of employers wishing to offer an added value Occupational Pension arrangement for their employees. Our Master Trust arrangement allows the benefits of a trust-based scheme without the burden of trusteeship. We are then able to provide a totally unbundled arrangement which allows the employer and advisers to decide, both initially and ongoing, the investment choices being offered to the membership.
AND THAT’S NOT ALL…
This solution could also save you money, depending on your circumstances. It uses a Government approved process that’s been adopted for many years by large employers to significantly reduce their pension scheme costs.
While there are many auto-enrolment solutions out there, employers need to have confidence that their professional advisers can provide a clear path towards their company’s staging date, with a timelined solution on budgeting, assessment, communication and ongoing reviews. If you’d like to consider AGL Corporate Services we are firmly here to support companies and their advisers and would love to help.
For more information on auto-enrolment please visit our dedicated sitehttp://ae.aglcorpserv.com/ or call 0141 314 3765 or 0131 240 3830.