Legal & General (L&G) has launched the WorkSave Choice platform and the WorkSave Pension Trust to help companies cope with auto-enrolment.
Auto-enrolment, which will force all employers to provide workplace pensions for employees earning £7,475 within three months of starting work, will begin in 2012.
In response, L&G has unveiled WorkSave Choice, which it says guides employees through the auto-enrolment and opting out process as well as assisting employers to fulfill their legal obligations.
Meanwhile, the WorkSave Pension Trust provides a qualifying pension scheme for employers and allows companies to give contribution refunds to employees who leave within two years of starting work.
"WorkSave Choice has been added to the WorkSave platform to aid the crucial auto-enrolment and opt-out decision and process," says Tony Filbin, managing director of workplace savings at L&G.
"We have had strong customer feedback to say help is needed at this crucial time, both for the employee in making a decision, with appropriate guidance on investment choice for those who stay in, and for the employer attending to the many governance requirements surrounding the decision."
Of the WorkSave Pension Trust, Filbin says: "Our research indicated that there is likely to be significant demand from both employers and advisers to have flexibility around the exemption vehicle for those who are seeking an alternative to NEST; this completes our suite and is compatible with our existing WorkSave Platform product range."
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till