Mondus, a pan-European business-to-business e-marketplace for SMEs, is teaming up with t-bX, the fina...
Called [email protected], the scheme allows employers to get quotes and select products on pensions, life assurance, incapacity cover, critical illness and private healthcare, either as a package or bought individually, from Scottish Equitable, Swiss Life and WPA.
t-bX, owned by the Thomson's Group plc - one of the UK's IFA networks - was designed to cut the quotes process from three weeks to just a few minutes, after winnning a competition and grant from the Sunday Times worth £1.7m.
Companies can get an accurate picture of what their competitors typically provide, according to Michael Whitfield, managing director at t-bX, enabling them to offer employees the most competitive package possible or keep costs to a fixed budget.
"We started by looking at how we could remove the burden faced by companies in both the establishment and ongoing administration of employee benefits, and how we could remove all of the client objections that IFAs traditionally face. The internet provides the platform which delivers this vision and provides companies with information and quality of service that has never before been attainable.
"Our service is the first of its kind in the UK, and working with mondus will enable us to provide businesses across the UK with complete freedom of choice and clarity over the benefits package most suited to the company."
Quotes can be researched online at www.mondus.co.uk, over the phone to the mondus call centre or through an IFA.
The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
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