AEGON appoints Logica to support delivery of pension auto-enrolment "hub"
AEGON today announced it has chosen leading business and technology company Logica to support the delivery of its pension reform proposition for new and existing corporate customers. All organisations in the UK will have to automatically enrol their employees into a qualifying pension scheme following government legislation in the Pensions Act of 2008. AEGON’s proposition will centre on an online auto-enrolment “hub”.
By combining Logica’s leading edge solution and experience of the pensions industry with AEGON’s heritage and expertise in corporate pensions the company believes it will create a compelling support proposition for corporate customers. Logica’s technology solution is delivered in partnership with SuperChoice which is tried and tested in the Australian pension market and has been configured to meet UK requirements.
The online hub, which is expected to launch in Q4 2012, will offer employers
- categorisation of employees for auto-enrolment based on payroll information
- automatic calculation and validation of contributions based on scheme rules
- tailored employee communications, including electronic communications
- online facility to manage opt outs and opt ins together with automatic re-enrolment of all opt outs every three years
- regulatory reporting
- management information to help employers gain maximum value from their pension investment
NEST will be fully supported through the hub to form part of an integrated workplace savings proposition for employers. AEGON is also developing its platform solution for the Workplace Savings market which will launch in the first half of 2012.
Paul McMahon, Group Marketing Director at Aegon, said, “In the current economic climate, employee engagement is more crucial than ever for employers seeking value for money from their employee benefits spend and to attract and retain staff. Auto-enrolment is a great opportunity to get employees thinking about pensions and planning for the future.
“To make the most of auto-enrolment employers will need a reliable support proposition that both removes the administrative headache and shows their employees the value of pension saving. Logica is at the forefront of working with pensions and financial services organisations to address business and technology challenges and its solution is tried and tested. Combining this with AEGON’s expertise in the corporate pensions market will give employers a market leading proposition.”
Allison Fower, Head of Wealth Management at Logica, said, “The pace of change in the UK pensions market is so fast that providers need to buy trusted, off the shelf solutions and services to remain competitive and offer the best service to their customers. AEGON has recognised that one of the key challenges of auto enrolment is to make it simple and easy to enrol employees into a pension scheme.
Logica’s solution, by being based on a proven solution in another marketplace, offers AEGON that advantage and will provide AEGON’s customers with the best way of managing auto-enrolment.”
For further information:
AEGON
Margaret Robertson
PR Manager
Tel: 0131 549 6798
Mob: 07740 897527
margaret.robertson@aegon.co.uk
Logica
Jenny Thorpe
Head of UK PR
Tel: 44 (0)7771 815428
Jenny.thorpe@logica.com
Notes to editors
- AEGON’s dedicated pensions reform website, www.pensionsreform.aegon.co.uk, provides in-depth analysis of the regulations, online tools and calculators and, from March 2012, will also offer the opportunity to put questions to AEGON’s panel of industry experts. It also has a download facility for AEGON’s recently-launched free, calendar-based iPhone app which keeps users up to date with all future events and key legislative dates in the run up to auto-enrolment.
- The Pensions Reform Planner iPhone app can be downloaded from the Apple app store directly or by scanning a unique QR barcode, and also through the AEGON Pensions Reform website. It is a calendar based app for financial advisers, employers and HR professionals that highlights key dates for Pensions Reform. It will keep the user up to date with all future events and key legislative dates in the run up to auto-enrolment and includes expert AEGON opinion about each event with suggestions of what to do next. This is accompanied by a call to action or link to more information. At download stage the user selects whether they are an adviser or an employer and the content is then tailored for them.
- In the UK, AEGON offers pensions, life insurance, asset management and financial advice to around two million customers. AEGON UK has assets under administration of £51 billion and employs approximately 3,000 staff.
- As an international life insurance, pension and investment company based in The Hague, AEGON has approximately 26,000 employees world wide and 40 million customers in the Americas, Europe and Asia. AEGON's revenue generating investments totalled EUR 424 billion at 31 December 2011.
About Logica
Logica is a business and technology service company, employing 41,000 people. It provides business consulting, systems integration and outsourcing to clients around the world, including many of Europe's largest businesses. Logica creates value for clients by successfully integrating people, business and technology. It is committed to long term collaboration, applying insight to create innovative answers to clients’ business needs. Logica is listed on both the London Stock Exchange and Euronext (Amsterdam) (LSE: LOG; Euronext: LOG). More information is available at www.logica.com.
The company is a public company incorporated and domiciled in the UK. The address of its registered office is 250 Brook Drive, Green Park, Reading RG2 6UA, United Kingdom.
About SuperChoice
SuperChoice is Australia’s leading superannuation exchange. It provides online contribution processing systems to over 40% of Australia’s largest pension providers that enable employers to enroll employees and interface into payroll systems for automated contribution processing. It handles contributions made by over 65,000 employers on behalf of nearly 2 million employees annually. This represents around 20% of all employer pension contributions made Australia-wide. More information is available at www.superchoice.com.au.
Logica
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