Legal and General Investment Management (LGIM) is boosting its auto-enrolment (AE) proposition for small businesses by offering an end to end solution for companies yet to stage.
The firm will use ITM's middleware software called eAsE to link small businesses with L&G's single charge WorkSave Pension Plan free of charge.
It is also using integration platform Pensionsync to simplify and speed up AE for small employers
LGIM SME development manager workplace DC pensions Alain Caplan said: "We have built integration with both Pensionsync and eAsE to make it easier to do business with L&G. This enhanced model will make administering auto-enrolment faster and more streamlined.
"It offers a fully integrated solution through which setup and ongoing administration of an L&G scheme can be carried out through these technology partners, helping to cut costs for intermediaries, business advisers and employers themselves. To clarify the charging point, our pension scheme has no set-up cost or ongoing charges for employers."
ITM director Adrian Chapman added: "The challenge over the next 18 months is mindbogglingly big when you have these sorts or volumes. You need a very efficient straight through solution."
The old fashioned way of doing AE where consultants might come into a company and offer a "bespoke solution" was too expensive for many small businesses and took too long, he added.
Instead a "big pipes solution" was needed where SMEs could meet their AE obligations set out by The Pensions Regulator (TPR) more easily. "Tens of thousands have to stage and this is a step change in how easy it can be if you can access the end to end solution with minimum barrier to entry from a cost and time perspective," Chapman continued.
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