Wealthcare serves up auto enrolment on a plate

By 25th January 2016 Corporate Advice No Comments

Wealthcare has launched ‘AE on a Plate’, a paperless, online service aimed at companies with between 1 and 30 employees…

A new service that takes the pressure off small business owners faced with the pensions auto enrolment minefield is fuelling growth for financial advisory firm Wealthcare.

Wealthcare has launched AE on a Plate, a paperless, online service aimed at companies with between 1 and 30 employees.

In a few minutes it deals with all of the administrative tasks required of employers to implement auto enrolment, which The Pensions Regulator estimates would take them 103 days to complete themselves.

Stephen Cainer, joint managing director of Wealthcare, said initial demand has exceeded forecasts and that AE on a Plate is proving a major catalyst for revenue growth this year.

Among the businesses to have signed up are solicitors’ practices, accountancy firms, manufacturers and bar and restaurant operators. Others include bakeries, estate agents, web designers, charities, recruiters, hairdressers and beauty salons.

Mr Cainer said: “As regulated advisers, we wanted to bring to the market a cost-effective, compliant package that meets the needs of small businesses and complements our range of corporate benefit services.

“Initial take-up has surpassed our expectations and the feedback has been extremely positive. We are confident that AE on a Plate will help drive strong growth in Wealthcare’s revenues this year.”

Auto enrolment is a government initiative designed to encourage people to save for their retirement through a workplace pension scheme.

Every UK employer must automatically enrol certain members of their workforce into a pension scheme and make contributions.

Over the next 12 months, more than 500,000 small firms will go through auto enrolment. Those which miss their staging date – the point in time when AE kicks in – risk being fined by The Pensions Regulator.

Mr Cainer said Wealthcare developed AE on a Plate after the firm’s corporate benefits team spotted a gap in the market for a simplified auto enrolment product that takes the pressure off employers.

Business owners can choose from a ‘set menu’ designed to suit most small firms, or can select an ‘a la carte’ bespoke option if they have more complex requirements.

Mr Cainer said: “We are keeping auto enrolment simple without compromising on quality of service, while ensuring the process is fully compliant.

“Pension matters can be daunting, confusing and complex for an employer. With our scheme, there is no need for small business owners to become pension experts. We do all the hard work.

“Research shows that smaller firms are more likely to leave things to the last minute, but planning at least 12 months in advance is essential.

“AE is a legal duty and, the earlier firms start to prepare, the smoother the transition will be.”

A SAMPLE OF OUR PARTNERS…

My wife and I are now both retired and have relied on Wealthcare for guidance and advice on pensions, our investments and on a wide range of financial issues. We have never been failed and the advice has always been prompt, reliable, professional and, equally as important, explained in non financial jargon thereby making understanding so much simpler.

Mr & Mrs Franks - Individual Clients

Both myself and my business partner Andrew have used Wealthcare for a number of years now and cannot recommend them highly enough. They've arranged plans which protect us in several areas including life insurance, critical injury and key man cover, Stephen also organised for a shareholders' agreement to be put in place for extra peace of mind.

Sizzle Creative Agency Limited

It wasn’t hard to choose Wealthcare from the list of brokers eager to win our business. From the very start, they sought to understand our company’s particular needs and (importantly) how I choose to work. They listen and deliver. Available to discuss any query, they are friendly, easy to communicate with, responsive, and always looking to go the extra mile to meet our expectations. How could I do anything other than heartily recommend this excellent organisation.

Timpson Limited

The Healthcare team have been a pleasure to deal with as they have made the process of sorting out and managing our PMI straightforward and simple. The Claims and Admin staff are very knowledgeable and will always go the extra mile.

Hodgsons Chartered Accountants

Both Michelle and Rachael have been fantastic. Thank you from the bottom of my heart. I will always recommend you and your company, you have been nothing but supportive, professional, diligent and great fun.

David Smith, Smith and Jones Management

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