Close Brothers Asset Management launches auto enrolment solution for small businesses

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Close Brothers Asset Management (CBAM) has launched a dedicated platform to guide smaller businesses through the auto enrolment process.

CloseToMyPension SMART is designed to streamline the auto enrolment process for employers and provide support at every stage, from initial set-up and communications through to project management pre and post-staging. The package offers access to Close Brothers’ master trust pension scheme, YourWorkplacePension, allowing employers to deal with a single provider for all requirements, reducing both costs and time.

Suited, but not exclusively, to those without an existing arrangement in place, the platform aims to reduce the amount of back office administration smaller employers face. It supports a single, automatic enrolment contribution structure, a single monthly payroll and compliance with simple scheme rules.

For employees, the platform will allow them to easily access details and performance of their pension scheme after enrolment has taken place.

Also available is the existing CloseToMyPension DYNAMIC, which has a full range of providers and is designed for larger employers and those with bespoke automatic enrolment requirements.

Maxine McIntyre, Head of Corporate Proposition at Close Brothers Asset Management 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.”

YourWorkplacePension, Close Brothers’ Qualifying Workplace Pension Scheme, incorporates guaranteed acceptance terms for employers. There are no charges on contributions for either employees or employers, and for those using the scheme, there are no minimum or maximum contributions required.start meaningful dialogue we will have a 24 hour strike on Monday the 22nd September”.

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