Implementing auto-enrolment to cost Lloyds £1m

Head of pensions strategy Robert Baxter told Helm Godfrey's human resources conference that while it had not needed to recruit in order to prepare for staging, the financial group had budgeted £10 per employee in administrative and implementation costs. Baxter explained: "Our costs have gone up in two ways. The first is actual implementation: the advice and communications cost. We are looking at a budget of about £10 per head as far as that's concerned." LBG chose a payroll solution for workforce assessment, Baxter revealed, and was given an auto-enrolment patch at no cost from its pr...