Auto-Enrolment – an industry wide issue

From October 2012 auto-enrolment will require employers to automatically enrol their employees into their qualifying pension scheme without any active participation by the employees themselves.

Employees will need to be able to choose from a defined plan or a NEST (National Employment Savings Trust) scheme – which were previously called personal accounts.

This may present a headache for employers already burdened with issues concerning employment legislation but for pension providers this creates a new battleground upon which to fight for valuable corporate accounts.

Pega can help pension providers better serve their corporate customers and support them in meeting the stipulations of the Pensions Act 2008.

Helping Employers

Employers also need to be able to understand whether they have to autoenrol their employees to a scheme and the Pega system can help by guiding employers through a Q&A session so that they are able to understand whether this is a statutory requirement.

At the same time, Pega can help employers determine whether their existing pension scheme is compliant.