Aviva has launched a new auto-enrolment (AE) ‘Quote and Apply’ system for business advisers which takes less than 10 minutes to complete. The system, which is fully automated, is aimed specifically at business advisers, financial advisers, accountants and payroll providers who can help small and medium sized enterprises (SMEs) and micro employers through their AE journey.
In 2016 alone, 480,000 SMEs are due to set up a workplace pension scheme providing a huge opportunity for advisers and those who support SMEs with their financial responsibilities.
Andy Beswick, Managing Director of Business Solutions, said:
“Advisers and accountants are going to play a vital role over the next two years as hundreds of thousands of SMEs and micro employers set up workplace pensions for the first time. I want to make sure that advisers have quick and easy access to terms and the application process from Aviva so they can get a good idea of which pension is best for their client. Being able to get terms and apply in a few minutes, for businesses of any size, should be a really attractive proposition to advisers and accountants.
“Once a business has its workplace pension scheme set up with Aviva, we then invest a lot of time in supporting and educating employers on what auto-enrolment is and how to use our online systems. We have found that this approach gets the employer client off on the right footing with regards to their obligations and workloads under AE.”
Aviva’s workplace pension schemes for SMEs and micro employers are compatible with all the major payroll providers. Business owners or Payroll Bureaux can process their payroll as usual and then upload the CSV files into the Aviva system. For Payroll Bureaux users this can be done via a single sign on to all of their Aviva schemes.
The Company Pension from Aviva is an auto-enrolment pension scheme, designed for all types of businesses of any size. It offers:
• Payroll compatibility with all major payroll systems – SAGE, IRIS and many more
• Easy online set up and ongoing administration that minimises the time business owners take to manage their scheme
• A good quality default investment approach
• Built-in pension freedoms features
• Full Adviser Charging capability for regulated Financial Advisers
“Many small business owners won’t have any background in or knowledge of pensions,” said Andy Beswick. “That can make the prospect of finding and setting up an auto-enrolment scheme a little daunting. This is where advisers and accountants can really demonstrate their value.
“By using our new ‘Quote and Apply’ system we’ve made it easier for advisers to help their clients start working towards getting the workplace pension scheme that is right for them. For me, that means a scheme that should have the flexibility to grow and adapt with the business. It should also be easy to use with minimal ongoing requirements for employers who naturally want to spend their time focusing on their core business.
“Payroll integration is another important development and we are working closely with a number of payroll providers on how this can be achieved in the future. However, this integration is in its infancy so I think it’s important we continue to support small business owners who will be more accustomed to dealing with CSV files when they run their regular payroll reports. To do this we have worked hard to ensure that our online Pensions Billing System is very easy to use and intuitive.”
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Notes to editors:
• Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers, across 16 markets worldwide
• In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
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• Aviva helps people save for the future and manage the risks of everyday life; we paid out £30.7 billion in benefits and claims in 2015.
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