Legal & General, a UK based provider of risk, savings and investment management products, has launched WorkSave Select, an auto enrollment eligibility assessment tool to help employers meet the auto enrollment issues.
Legal & General’s said that the WorkSave Select is an assessment tool, and it has been designed to identify employees who qualify for auto enrollment and will simplify the auto enrollment process for employers wanting to use its WorkSave Pension Trust or WorkSave Pension Plan as their qualifying pension scheme.
According to the Legal, the WorkSave SELECT is an online tool that uses the auto enrollment rules to assess whether employees qualify for their employer’s pension scheme.
Recently, Legal & General launched ‘Choice and WorkSave Pension Trust’, designed to manage the process around the employee decision to remain in or opt out of a qualifying pension scheme following auto enrollment.
WorkSave Pension Trust provides a qualifying pension scheme that can offer refunds of contributions for short service leavers.
Legal & General operations director Workplace Savings Ian Mahoney said that the eligibility rules for auto enrollment will start to impact large employers from next year, although the legislation is not due to come into force until 1 October 2012.
"Legal & General recognize employers will want to have a clear understanding of who will be eligible and when to start talking to employees about the pension scheme. We intend to provide a range of flexible services, which includes ‘Choice’ and SELECT to enable employers to fulfill their auto enrollment obligations," Mahoney said.
Workplace Savings also offers an Employer Impact Assessment Calculator that enables employers to model the financial implications of auto enrollment on their business.