Legal & General is launching an auto enrolment eligibility assessment tool for its WorkSave Pensions.
The tool has been designed to identify employees who qualify for auto enrolment, to simplify the auto enrolment process for employers wanting to use the provider’s WorkSave Pension Trust or WorkSave Pension Plan as their qualifying pension scheme.
Workplace Savings also provides an Employer Impact Assessment Calculator that enables employers to model the financial implications of auto enrolment on their business.
Legal & General announced the launch of Choice and WorkSave Pension Trust recently. Choice is designed to manage the process around the employee decision to remain in or opt out of a qualifying pension scheme following auto enrolment. WorkSave Pension Trust provides a qualifying pension scheme that can offer refunds of contributions for short service leavers.
Ian Mahoney, operations director, workplace savings at Legal & General says: “The eligibility rules for auto enrolment will start to impact large employers from next year, although the legislation is not due to come into force until 1 October 2012. We recognise employers will want to have a clear understanding of who will be eligible and when to start talking to employees about the pension scheme.”