01 March 2011
Lifelens by Standard Life set to change the workplace pensions and benefits market

Standard Life today launches a new employee benefits portal.

Lifelens by Standard Life is the first fully integrated employee centric portal to provide employee pension and non-pension benefit solutions via the workplace. It has the flexibility to allow employers to configure the solution to meet the individual needs of their employees. It offers a range of savings options, flexible benefits, online payslips, total reward statements, planning and modelling tools, product collateral and educational material. Lifelens meets the needs of both employers and employees.

Gerry O'Neill, Managing Director, Corporate Solutions at Standard Life said: "I am delighted to officially launch Lifelens today, which combines our market leading corporate pensions and flexible benefit solutions. Lifelens provides Finance Directors with an effective solution to meet the challenge of controlling the cost of benefit provision and leveraging efficiencies in administration. HR Directors have the ability to configure and control benefit and payroll costs via a single portal. Lifelens also becomes the launch pad for their future benefit plans.

"We are the only company in the market to offer a single integrated solution which will address the business issues employers' face around cost management, employee engagement and recruitment and retention. Lifelens is an easy to use proposition that offers support, choice and control to every employee, whatever their life stage."

Standard Life has also launched research3 to coincide with the launch of Lifelens. Insights into Financial Responsibility was developed in conjunction with occupational psychologist, Emily Hutchison. Key findings include that 80% of employers feel responsible for their employees' financial security with nearly a quarter (22%) feeling it is their primary responsibility. 75% of employees said they would value support with financial planning. The findings reinforce the services offered by Lifelens.

Gerry O'Neill concluded: "Lifelens by Standard Life is the next generation solution for employers and their employees and is already generating strong interest in the market place. I am pleased to say our first client goes live with Lifelens in quarter one of 2011, with five more following shortly afterwards. Standard Life will be among the first adopters of the benefits platform for our own people, with a launch date in May 2011. It is really exciting to think that Lifelens will put our own people in genuine control of their savings and employee benefits and be the portal that helps them shape their financial futures."

Standard Chartered Bank is one of the first adopters of Lifelens and David Curtis, Group Head, Pensions and Benefits, Standard Chartered Bank commented:
"We believe this is a really exciting development which will bring genuine benefits to our employees. The opportunity to provide a broad range of savings and investment products under a single solution will give employees both flexibility and ease of use. We have worked with Standard Life for a number of years now and have established an excellent working relationship with them. They have worked closely with us to understand our initial requirements and ensure that their new platform is sufficiently flexible to accommodate them. We see this as just the start of the journey and we are already discussing with them future developments and enhancements that will further benefit our employees."

For further information, please contact:
Patricia Corrigan
PR Manager
Direct: 0131 245 5916
Mobile: 0774 092 4558
Email: patricia_corrigan@standardlife.com

Paul Keeble
Senior Media Affairs Manager Direct: 020 7872 4481
Mobile: 0771 248 6387
Email: paul_a_keeble@standardlife.com

Notes to Editors

  1. Lifelens will be launched to employers and their advisers later in March 2011.
  2. Standard Chartered Bank is a client of Mercer. The Lifelens platform will be used by Mercer in their recently announced workplace savings solution, launched on 9 February 2011.
  3. The research was carried out by YouGov on behalf of Standard Life. It combined a survey of employers and employees. Organisations had at least 1,000 employees across public and private sector. Larger organisations were selected because they are most likely to offer a wider range of employee benefits. Fieldwork was undertaken between the 11 and 14 January 2011. A copy of the report is available online.
  4. What is Lifelens by Standard Life?
    Lifelens by Standard Life offers a range of long and short term savings vehicles and flexible benefits, together with educational material and online planning tools. Lifelens reduces cost through HR integration and efficient streamlined processing via a single administrative portal. Lifelens demonstrates the value of the benefits package, helping to attract, engage and retain key staff.

    It is a scalable solution that can grow with an organisation?s size and their benefits package. The platform is adaptable, with the scope to offer wider benefit solutions such as debt repayment. Lifelens can offer flexible employer branding options to help with employee engagement.

    Lifelens empowers employees to take ownership of their benefits package by providing information and tools to support them in doing so. It provides a secure, personalised view of an employee?s benefits package. Lifelens provides messaging and prompts to help employees make the most of the benefits on offer to them. And is secure and accessible, both at home and work.

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