Aviva launches online automatic enrolment modelling and compliance solution
Sep 26, 2012 (Datamonitor via COMTEX) --
Aviva plc has launched an online automatic enrolment modeling and compliance solution to provide a secure way for employers to manage their on-going pension responsibilities.
Auto-enrolment Manager for Employers (AME) is designed to enable employers, working with their advisers, to efficiently prepare for automatic enrolment, as well as manage on-going requirements such as employee enrolments, contribution levels, certification and payroll monitoring, the company said.
AME has been developed using the Software as a Service (SaaS) model. The hub-based solution connects to multiple pension schemes and payroll systems, and can be used across other providers' pensions.
According to the company, AME's processing engine rapidly processes employee data, allowing employers to stay up to date with their compliance requirements. It also produces written and electronic communications for employers to send to their employees to keep them informed about each stage of the process.
With financial modeling capabilities, AME allows employers to assess the implications of the various options open to them. Through this functionality, employers and advisers can assess the cost to the business of adopting different automatic enrolment approaches, such as the type of pension provision for their employees or the level of contributions made, the company added.
Aviva's Managing Director of Corporate Benefits, Graham Boffey, said: "We're at a turning-point in how Britain's workers save for their retirement as automatic enrolment brings pension saving to millions of workers for the first time. With employers taking much of the responsibility over the next few years it's important we provide solutions that are straightforward, fast and efficient.
"As a hub-based solution, AME connects to a diverse range of pension schemes, regardless of the provider, and securely processes data from payroll systems. Employers can use it whether they have one scheme in place or multiple schemes, and the additional modelling capabilities give them a head start in making the right decisions for their business."
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