Lifetime glad to oblige with Auto Enrolment story when New Model Adviser come calling

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Lifetime glad to oblige with Auto Enrolment story when New Model Adviser come calling

Lifetime news

Posted on: 18/07/2014

With Lifetime currently in contact with over 100 companies over their Auto Enrolment requirements – and a brilliant spoof Lifetime video doing the rounds – it came as no surprise when the well respected magazine New Model Adviser got in touch.

They wanted us to do a ‘piece’ on the tricky topic of Auto Enrolment – and how Lifetime were dealing with it from a provider point of view – and so Communication Director William Bottomley (pictured below) kindly came up with the goods!

Bill

In the story Bill reflects: “Our goal was simple: tell employers what was happening, when it’s happening and how they can get ready.

“Our proposition has changed over the past 12 months as we have gathered more information and have started to identify the real problems faced by employers and payroll providers.

“More than 100 companies have asked us to help them through the Auto Enrolment maze but most of them will stage in 2015/16. The predicted tsunami of companies with 50 to 150 employees hasn’t yet happened and it’s a bit of a mystery as to where they have gone. We have come across accountants who have sourced pension schemes for companies and are ‘doing it themselves’, with varied levels of success.

“However, having spent the last year or so committed to this project, we finally know where we are going and how we will get there.

“We have discovered there are two distinct parties in this arena: those employers/payroll providers who do not want to take on the burden of Auto Enrolment administration and would like someone to sort it out for them; and those who just need a pension provider to take the contributions and a hand-hold during the initial stages.

“We have a proposition for both, but it has taken us a while to discover what our clients want. There are still problems with the way information from payroll providers fits with what the pension providers require but I’m sure these will be ironed out over time.

“It seems to me that what gets lost in all the ins and outs of this process is the underlying reason for Auto Enrolment: to provide a pension. The pension itself seems to have become almost an irrelevance in the effort to comply with the data rules.”

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