Bury-based Wealthcare has launched the paperless AE on a Plate, a, online service aimed at companies with between one and 30 employees.
Businesses pay a fixed fee of £995 for the service, followed by ongoing support from £250 per year.
Stephen Cainer, joint managing director said the firm developed it after the corporate benefits team “spotted a gap in the market for a simplified auto enrolment product that takes the pressure off employers”.
Business owners can choose from a ‘set menu’ designed to suit most small firms, or can select an ‘a la carte’ bespoke option if they have more complex requirements.
Once a business signs up, Wealthcare said it assesses the data provided, sets ups a qualifying pension scheme and liaises with the client’s payroll provider ahead of their staging date, before registering the scheme with The Pensions Regulator.
Among the businesses to have signed up so far are solicitors’ practices, accountancy firms, manufacturers and bar and restaurant operators. Others include bakeries, estate agents, web designers, charities, recruiters, hairdressers and beauty salons.
Mr Cainer said: “Initial take-up has surpassed our expectations and the feedback has been extremely positive. We are confident that AE on a Plate will help drive strong growth in Wealthcare’s revenues this year.”
Mr Cainer said: “As regulated advisers, we wanted to bring to the market a cost-effective, compliant package that meets the needs of small businesses and complements our range of corporate benefit services.
“We are keeping auto enrolment simple without compromising on quality of service, while ensuring the process is fully compliant.”
Over the next 12 months, more than 500,000 small firms will go through auto enrolment. Those which miss their staging date – the point in time when AE kicks in – risk being fined by The Pensions Regulator.