23rd May 2012, London: Following the research
published by NEST this week, JLT Benefit Solutions
Limited (JLT), would like to emphasise the complexity of
Auto Enrolment (AE) and that most organisations need at
least 12 months (and preferably 18 months) to finalise
strategy and implement, particularly for larger employers.
Mark Pemberthy' Director, Employee Benefit Solutions,
JLT said: "Therefore, the 50% of employers with 5,000+
employees identified in the research as not yet having
finalised scheme selection face a real risk of running out
of time and potentially facing capacity challenges in
securing the support they will need from providers and
advisers alike over the accelerated implementation
timescales they will leave themselves."
"It is natural for employers to look to their pension
providers for help, however in our experience pension
provider perspectives on AE are often and understandably
influenced by their own AE propositions and capabilities.
It is crucial for larger employers to receive impartial
advice to ensure their AE solution is an optimum fit for
their business. This is particularly important now given
that staging dates are confirmed and it is now less than 2
months until the enforcement regime comes into force for
all employers"
JLT agrees that administration ease and communications are
key to the success of AE and software/middleware, such as
JLT's award winning BenPal system, will invariably have
a big part to play in delivering this for many companies.
Mark Pemberthy concludes: "The NEST research reflects
JLT's findings and is another reflection of the
thorough approach NEST is taking on AE and further
confirmation of the importance of taking action now."
-- ENDS --
Enquiries:
JLT Group Corporate Communications
Isabella Young
+44 (0)20 7558 3387
Email
Editor's Notes:
About JLT Benefit Solutions Limited
JLT Benefit Solutions Limited (JLT) is one of the
UK's leading employee benefit providers offering a wide
range of benefit and pension services, including
administration, actuarial and pension consultancy,
investment, Self Invested Personal Pensions (SIPPs), Small
Self Administered Schemes (SSASs) flexible benefits,
healthcare, benefit communication and financial education.
Authorised and regulated by the Financial Services
Authority, JLT employs over 1,300 professionals in the UK
with revenues of some £137m in 2011. The acquisitions in
2012 of HSBC Actuaries and Consultants Limited and iimia
Wealth Management have supported JLT's continued
expansion to become one of the four largest employee
benefits consultancies in the UK. JLT was awarded Pension
Scheme Administrator of the Year at the 2010 European
Pensions Awards and won the Engaged Investor's Most
Innovative Pension Consultancy Award in July 2011.
Other pensions and employee benefits companies within the
JLT group of companies include: Profund Solutions Limited,
JLT Wealth Management Limited, JLT Investment Management
Limited, Independent Trustee Services Limited and JLT
Pension Capital Strategies Limited.
JLT Benefit Solutions Ltd is part of Jardine Lloyd Thompson
Group plc.
http://www.jltgroup.com/employee-benefits/
Jardine Lloyd Thompson Group plc
Jardine Lloyd Thompson Group plc (JLT) is an international
group of risk specialists and employee benefits consultants
and one of the largest companies of its type in the world.
JLT offers a distinctive choice to clients and partners
through our combination of independence, scale and
specialism.
The Jardine Lloyd Thompson group is quoted on the London
Stock Exchange and employs over 7000 people worldwide and
through the JLT International Network provides services in
more than 130 countries.
Recommend:
