Standard Life, the UK’s biggest workplace pension provider, is removing all entry criteria for its Good to Go auto enrolment pension – opening it up to all employers left to stage.
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, its Good to Go solution provides employers with automated quote, application and scheme set-up in less than six minutes. From the end of March 2015, Standard Life will remove all minimum eligibility criteria, paving the way for any small or medium-sized business which has not already staged to enrol their employees quickly and efficiently into a high quality pension proposition.
Standard Life currently looks after 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. Good to Go moves from strength to strength in its ability to ease the enrolment journey for businesses throughout the UK.”