During 2011 our Workplace Savings division achieved success in the emerging auto enrolment market as large employers readied themselves for the Government’s pension reforms. Our Mastertrust proposition has been selected by a large number of employers, including Marks & Spencer as their auto enrolment vehicle and will be used by several more large companies with over 5,000 employees.
Our proposition is designed to help employers comply with their new statutory duties. We have created two new tools for employers: ‘Select’, which identifies which workers an employer must auto enrol and ‘Choice’, which provides communication materials for the employer to manage the process of enrolling or the opting out of their employees. The combination of these services has enabled us to secure mandates that will see over 350,000 potential new customers auto enrol during the period October 2012 to March 2013.
The Government’s reforms are also a catalyst for employers to review their existing employee benefits and we have won mandates to take over existing pension arrangements that will see asset transfers and redirected contributions for over 40,000 existing contributors.