Close Brothers Asset Management (CBAM) has launched an auto-enrolment proposition for smaller businesses.
CloseToMyPension Smart aims to streamline the auto-enrolment process for employers and provide support from initial set-up and communications through to project management pre and post-staging. The service offers access to Close Brothers’ master trust pension scheme, YourWorkplacePension, so employers can deal with a single provider.
The firm, led by Martin Andrew (pictured), noted the service can support a single, automatic enrolment contribution structure, a single monthly payroll and compliance with simple scheme rules.The wealth management group also offers CloseToMyPension Dynamic, which has a range of providers and is designed for larger employers or those with bespoke automatic enrolment requirements.
Maxine McIntyre, head of corporate proposition at CBAM, said: 'Auto-enrolment does not have to mean total upheaval for employers. While the resource and cost of introducing new systems and procedures may seem daunting, we have created this platform to support SMEs by offering an effective way to streamline the whole process. By alleviating the administrative burden and the need to deal with multiple third parties and systems, the platform is a third arm for employers as they adapt to the new requirements.'
There are no charges on contributions for either employees or employers, and for those using the scheme, and there are no minimum or maximum contributions required.