Legal & General has unveiled two new initiatives to facilitate auto-enrolment into trust-based schemes in a way that is compliant with the requirements published by the government on 27 October last year.
Its WorkSave Choice proposition manages the process for enrolling or opting out of auto enrolment into a trust based qualifying pension scheme, while WorkSave Pension Trust provides a qualifying pension scheme that can offer refunds of contributions for short service leavers.
Tony Filbin, L&G’s managing director, workplace savings says: “The new rules for auto enrolment will start to impact on most employers from next year, although the legislation is not due to come into force until 1 October 2012, which is why we have acted so swiftly to develop our new auto-enrolment initiatives.
“We have had strong customer feedback to say help is needed at this crucial time, both for the employee in making a decision, with appropriate guidance on investment choice for those who stay in, and for the employer attending to the many governance requirements surrounding the decision.
“WorkSave Pension Trust, our second new initiative, is a flexible, platform based occupational pension plan that will allow for refund of contributions for early leavers. Our research indicated that there is likely to be significant demand from both employers and advisers to have flexibility around the exemption vehicle for those who are seeking an alternative to Nest; this completes our suite and is compatible with our existing WorkSave Platform product range.”
