LOGICA PARTNERS WITH SUPERCHOICE TO RELIEVE PENSION AUTO-ENROLMENT
01 September 2011
Logica, a leading business and technology and service company and SuperChoice, Australia’s leading superannuation exchange, have announced a collaboration to deliver a comprehensive solution to help pension providers make it easier for employers to meet the legislative requirements of pension auto-enrolment.
All organisations in the UK will have to automatically enrol their employees into a qualifying pension scheme, such as NEST, following government legislation in the Pensions Act of 2008. The changes will be introduced from October 2012. Pension scheme providers who chose to capitalise on the opportunity could see a twofold increase in the number of pension accounts that they hold. This significant and rapid growth will put pressure on their current systems and processes.
The employee pension contribution processing solution from Logica and Superchoice offers pensions providers a highly secure, mature and fully automated method of processing employee pension payments. The cloud-based portal is based on the highly successful SuperChoice technology platform, which provides online contribution processing systems to around 40% of Australia’s largest pension providers and enables employers to enrol employees and interface into payroll systems for automated contribution processing.
Logica and SuperChoice are working together to offer pensions providers a straightforward and cost effective solution to managing pension auto-enrolment. By simplifying the process of enrolling employees, pension providers will be an attractive choice for employers looking for a scheme.
Allison Fower, Head of Wealth Management at Logica UK, said “Pension provision in the UK is under the spotlight due to rising costs and increased regulation. Auto-enrolment legislation adds a further challenge for pension scheme providers to manage but also provides an opportunity to dramatically increase their business. Scheme providers need a simple solution that will enable them to easily auto-enrol employees without adding further pressure to their customer’s HR and finance teams. Employers will be looking for pension providers who can make the process easier.”
“The SuperChoice-Logica cloud-based shared infrastructure business model will deliver significantly lower cost of investment and operation than in-house or licensed alternatives for auto-enrolment. We believe that we have the right business model that will mean providers can gain a market-leading solution while only paying for what they use.”
CEO of SuperChoice, Peter Philip, said “We’ve chosen to partner with Logica to bring the SuperChoice solution to the UK market as Logica has a strong understanding and knowledge of both the financial services market and supporting UK organisations with their HR services.
“By bringing Logica’s market knowledge together with SuperChoice’s 13 plus year track record of implementing employee pension contribution processing systems, we’re in a strong place to assist pension providers to offer employers a comprehensive solution that will increase their market competitiveness, reduce costs and increase customer service levels.”
Logica and SuperChoice will work together to provide consulting, support and guidance for the implementation of the solution with new customers, including access to the full suite of SuperChoice intellectual property and processes gained through the implementation of workplace retirement savings providers since 1998. The solution will be available to coincide with the earliest expected implementation date of auto-enrolment of 1 July, 2012.