Friends Life intros employee pension hub

IFAonline.co.uk reports.

According to Employee Benefits, the online portal, which is designed to work with the provider's existing platforms, will collect information from employers' payroll and HR systems, and assess it against the auto-enrolment rules to determine what pension arrangements and contributions need to be made for each individual employee.

It will enable employers to enrol eligible employees into a new or existing Friends Life pension scheme or a combination of both.

City Wire quotes Colin Williams, MD of corporate benefits at Friends Life, as saying: “Making auto-enrolment work will require employers to review their employee base for eligibility and contribution levels at every pay date.

“This will be a complex task, particularly for companies with large numbers of employees, or who pay wages weekly, have multiple payroll and HR systems, or which have employees whose pay varies.”