Fidelity has today launched its Workforce Management Service (WMS) for employers who will next year be trying to cope with auto-enrolling their staff into a workplace pension scheme.
Auto-enrolment into workplace pension schemes will be phased in between 2012 and 2017. Employers must enroll all workers over the age of 22 years who they have employed for three months and who earn more than £7,475.
Fidelity's service will manage the eligibility criteria and regulatory enrolment processes for its clients' workforces, including processing enrolment, issuing communications to employees, and managing the opt-out and re-enrolment processes.
Julian Webb, head of defined contribution (DC) and workplace savings business, at Fidelity said: "The WMS is designed to take the heavy lifting out of auto-enrolment changes for employers.
"With analysis showing auto-enrolment has the potential to increase [pension] take up rates by 90%, employers should not underestimate the potential impact it will have on their HR and payroll departments and the resulting additional headcount and cost that will require.
Webb said Fidelity will launch further offerings in the DC and workplace area later this year.
Achievements, charity work and other happy snippets
Appetite has suffered since Brexit vote
'Failure to pay attention can result in enforcement'
200,000 LISAs opened so far
From June 2019