A tool designed to help advisers project-manage their employer clients through auto-enrolment - and set an appropriate fee for doing so - has been launched by Scottish Widows.
The auto-enrolment support hub will help advisers split the process into identifiable stages, define tasks to be completed, assign roles and responsibilities for each phase, and set fees for each task undertaken.
Scottish Widows said the tool allows advisers to tailor tasks to meet specific client needs and includes a 'RAG' (red-amber-green) status to highlight if tasks are completed on time and employers are on track to hit their staging date.
Auto-enrolment, a work-based pension project which will see all qualifying individuals involuntarily (though workers can opt out) enrolled into a pension scheme, is being phased in between October 2012 and February 2018, with the larger employers going first.
It has been hailed as a major opportunity for financial advisers as few employers will have experience in establishing a work-based pension for their staff. Pensions minister Steve Webb has descibed the overhaul as a "quiet revolution".
Scottish Widows estimates that, throughout 2014, more than 30,000 mostly mid-size companies will work through their staging dates.
Robert Cochran, pensions expert at Scottish Widows, said: "The challenge for employers in complying with their automatic enrolment responsibilities is proving to be greater than many had originally envisaged and they are turning to advisers in increasing numbers to help support them through the changes.
"Feedback from our seminars indicates that some of the biggest challenges facing advisers is getting employers to understand the sheer size of the job of complying with the auto enrolment rules and agreeing new auto-enrolment employer fee models.
"We have therefore developed this new tool with that in mind, offering the ability to develop a project plan for employers that will also double up as a useful fee charging solution. To make life easier we have pre-populated the plan with a range of tasks and issues that need to be dealt with for a successful auto enrolment experience. The tool covers the entire journey from initial discussions through to developing a fully compliant solution which also helps with ongoing governance arrangements that come into play post-staging."
You can view the tool HERE.
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