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.”