UK bank Abbey National is teaming with Rutherford Webb to market a new payroll system aimed at helping employers implement stakeholder pensions schemes.
Under UK government regulations set to come into force in October 2001, employers will be expected to deduct employee contributions to stakeholder pensions from their net pay and pass details to the stakeholder pension providers.
Rutherford Webb’s new system will enable employers to gather information for pensions contributions directly from payroll and send it to Abbey National for direct debiting.
The bank has created a team of 60 relationship managers for employers to explain stakeholder pensions and work through any potential problems regarding scheme design, employee communications and payroll issues.