10th March 2015
Standard Life is removing all restrictions on its Good to Go auto-enrolment pension – opening it up to all employers, including the smallest businesses.
Previously, the scheme had three main criteria: a minimum of five members, a minimum average contribution level, and a limit on the proportion of members on short-term contracts.
Since auto enrolment began in 2012, Standard Life has helped over 3,800 employers to set up qualifying workplace pension schemes for their employees.
With the right data to hand, Good to Go provides employers with automated quotes, application and scheme set-up in less than six minutes.
From the end of March 2015, Standard Life will remove all minimum eligibility criteria, which it says will enable any small or medium-sized business which has not already been through auto-enrolment, to sign up their employees quickly and efficiently.
Standard Life currently has more than 1.6 million UK workplace customers – almost 500,000 of whom joined through auto enrolment.
Alan Ritchie, head of employer & trustee proposition at Standard Life, said: “We believe it’s important that all employers have access to a high quality auto enrolment proposition that can deliver great outcomes for their employees.
“That’s why we’re making our flagship solution available to all employers who haven’t yet staged, no matter what their size.
“Our move addresses the auto enrolment needs of the 40,000 small and medium-sized employers expected to stage during 2015 and the hundreds of thousands of employers who will stage in 2016 and 2017.”
The Good to Go scheme launched in December 2013 and Standard Life says that from the adviser hitting the apply button to completion the scheme set up and confirmation email, the average processing time is now 46 seconds – compared to the industry norm of several weeks.