The agreement will provide Leeds Building Society with outsourced administration services, managed employee communications to its 900 staff, real time reporting and full regulatory reporting.
Auto-enrolment requires all companies to enrol their employees into a qualifying pension scheme, which commences in October 2012 with a phased introduction over 4 years. Employers with over 120,000 staff commence in October, organisations with between 50,000 and 119,999 start in November 2012 and those employing over 500 by the end of 2013; and all other employers by 2017.
Becky Hewitt, head of HR at LBS, said: "Auto-enrolment brings with it a considerable administrative burden which we want to mitigate, whilst ensuring compliance and providing our staff with a high quality experience. I am confident this service will meet these needs, with automatic triggers, alerts and workflow to ensure everything is completed on time and to the required standard. For us, outsourcing was the right choice.
"It gives us peace of mind and frees up our internal resource to focus on other HR priorities. "
Equiniti ICS and Xafinity, both part of the Equiniti Group, have combined their expertise in HR and payroll solutions, pensions and employee benefits, to develop a complete solution for auto-enrolment encompassing outsourced services, consultancy and software.
