Article date: 2 March 2012
- Support for automatic enrolment:
- Aviva is committed to helping employers with the implementation of automatic enrolment - supporting single and multiple scheme solutions.
- Aviva will deliver a new online compliance monitoring tool to help employers meet their automatic enrolment obligations.
- New workplace savings proposition
- Work:Life - Aviva’s new Work:Life hub will offer a comprehensive range of workplace saving options to help employees make the best use of their money
- including accessing their pension, savings products, flexible benefits, voluntary benefits and financial planning tools.
- Lifeplanner – Aviva’s new online financial planning tool will help employees plan their longer-term financial goals, as part of the Work:Life hub.
Aviva is set to broaden its workplace savings proposition during 2012, focusing on automatic enrolment solutions for employers and advisers and the roll out of its new Work:Life hub.
Support for automatic enrolment
In advance of the start of automatic enrolment, in October 2012, Aviva will launch a range of services to help employers and advisers meet their obligations.
- Deliver single and multiple pension scheme solutions for employers.
- Deliver a new online compliance monitoring tool, called Auto-Enrolment Manager for Employers (AME), to help employers manage their regulatory requirements - with the advantage of being able to do so across multiple provider schemes.
- Continue to provide education and awareness specifically for automatic enrolment through online guides:
- Employer: www.aviva.co.uk/auto-enrolment
- Adviser: www.aviva.co.uk/adviser/auto-enrolment
- Deliver a strong Aviva default fund for automatic enrolment schemes.
Aviva’s head of workplace savings development Iain Oliver said: “As employers and advisers start to focus on how to implement their automatic enrolment solutions, it’s essential they have the support to do so efficiently and effectively. Aviva is committed to providing this support.
“We’ve worked hard to understand the needs of employers as they plan towards their critical staging dates. We already support thousands of employers in the UK with their company pensions and we’ll continue to work with them as they look to find the best solutions to meet their automatic enrolment needs - whether it’s extending their existing pension scheme or implementing a new scheme.
“Meeting the day-to-day automatic enrolment obligations will be demanding for employers. This is why we’ve developed our AME compliance monitoring tool. It has the advantage of supporting employers across multiple pension schemes.”
New workplace savings proposition
Aviva’s new workplace savings proposition, Work:Life, will enable employers to consolidate their workplace benefits into one online hub that employees can easily access. Employees will be supported with a range of online planning tools to help with their overall finances. Work:Life will also have the flexibility to integrate with employers’ existing benefits arrangements.
Building on Aviva’s launch of online total reward statements in 2011, the Work:Life platform will be delivered incrementally from summer 2012.
When it is fully live Work:Life will offer employers and their employees access to the following:
From summer 2012:
- Group personal pension – access to Aviva’s core workplace pension product.
- Total reward statements - to give employees an online view of all elements of their benefits package.
- Flexible benefits – to give employees flexibility on how they take their workplace benefits – such as holidays and healthcare.
- Voluntary benefits - to give employees access to discounts on high street brands.
- Lifeplanner - to give employees access to a new interactive and online financial planning tool, to help them make financial choices and reach their financials goals - with real-time integration to product valuations
- Pension Tracker – Aviva’s existing market-leading online tool will continue to help employees monitor and manage their pension.
From the first half of 2013:
- A new investment proposition, including access to a group SIPP, corporate ISAs, a general investment account, child SIPP and a junior ISA.
Aviva’s head of workplace savings development Iain Oliver said: “We know automatic enrolment is a key priority for employers over the next few years, but we also recognise that they are increasingly investing in wider benefits for their workforce - beyond the core salary and pension. Employers will want a simple way to present these benefits to their employees, to optimise employee engagement. This is where Work:Life steps in.
“From summer 2012, our new Work:Life hub will begin to bring together in one place a wide range of pension, savings, benefits and planning tools. These will provide employees with a simple one-stop-shop for their benefit choices - giving them a real sense of control about how they use their money.”
If you are a journalist and would like further information, please contact:
Diane Mangan: Aviva Press Office: 01904 684164: 07800 691714 firstname.lastname@example.org
Fiona Robertson: Aviva Press Office: 01904 452659: 07800 692299: email@example.com
Notes to editors:
Aviva is the world’s sixth largest* insurance group. We provide 44.5 million customers with insurance, savings and investment products with total worldwide sales in 2010 of £47.1 billion**.
We are the UK’s largest insurer with over 14 million customers. Our combination of life, health and general insurance is unique in its scale and breadth in the UK market. Customers can choose to buy our products through intermediaries, our corporate partners or from Aviva direct and we have become the partner of choice for many of the UK’s biggest organisations.
We are ranked as one of the UK’s top ten most valuable brands and Aviva Plc are in the top 10% of socially responsible companies globally in the Dow Jones Sustainability World Index. In 2010 we invested £4.3m into our communities in the UK, which included 1,500 Aviva volunteers giving 24,000 hours for good causes. In addition, our employees gave £600,000 through fundraising and donating. Read our corporate responsibility report at www.aviva.com/2010cr.
Aviva is working in partnership with Railway Children through the Aviva Street to School programme to get children living or working on UK streets back into everyday life. Find out more at www.aviva.co.uk/street-to-school.
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*based on gross worldwide premiums at 31 December 2010.
**at 31 December 2010.