Monday, August 22, 2016

Welplan Pensions now fully online

The workplace pensions and employee benefits provider Welplan now offers a fully online pension scheme following a major makeover of its online service helping to reduce the administrative burden on employers and helping them meet their auto enrolment duties.

The Penrith-based company, which has been operating since 1960 and providing a workplace pension scheme since 1988, has expanded beyond its traditional building engineering services home. Originally set up to meet the needs of employers in this industry alone, it is now providing pensions and employee benefits to over 500 employers, large and small, in a variety of industries.

Welplan Pensions is one of only 7 workplace pension schemes open to any employer that hold the Master Trust Assurance Framework standard, which was developed by the Institute of Chartered Accountants in England and Wales (ICAEW) in association with The Pensions Regulator to help employers identify schemes with the highest standards of governance and administration. Welplan Pensions also holds Pension Quality Mark READY status, for providing clear communications and good governance.

Thanks to the creation of a new digital platform, employers can now register for Welplan Pensions online; assess their workforce; and submit and process files and financial transactions online. Financial advisers, who manage accounts on behalf of clients, can also use the system and set up multiple employers under their own account. There are no employer charges, making things simple for IFAs who don’t have to factor this cost in when advising their clients.

The speed and convenience of the new system, which enables the uploading of files at any time of the day or night, means employers can meet deadlines and, therefore, avoid the risk of late payment fines or pension regulation breaches.

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