Aegon has chosen business and technology company Logica to support the delivery of its pension reform proposition for new and existing corporate customers. All organisations in the UK will have to automatically enrol their employees into a qualifying pension scheme following government legislation in the Pensions Act of 2008. Aegon’s proposition will centre on an online auto-enrolment ‘hub’.
By combining Logica’s leading edge solution and experience of the pensions industry with Aegon’s heritage and expertise in corporate pensions the company believes it will create a compelling support proposition for corporate customers. Logica’s technology solution is delivered in partnership with SuperChoice, which is tried and tested in the Australian pension market and has been configured to meet UK requirements.
The online hub, which is expected to launch in 4Q12, will offer employers:
- Categorisation of employees for auto-enrolment based on payroll information.
- Automatic calculation and validation of contributions based on scheme rules.
- Tailored employee communications, including electronic communications.
- Online facility to manage opt outs and opt ins together with automatic re-enrolment of all opt outs every three years.
- Regulatory reporting.
- Management information to help employers gain maximum value from their pension investment.
Paul McMahon, group marketing director at Aegon, said: “In the current economic climate, employee engagement is more crucial than ever for employers seeking value for money from their employee benefits spend and to attract and retain staff. Auto-enrolment is a great opportunity to get employees thinking about pensions and planning for the future.”
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