Friends Life is launching trust and master trust propositions that allow schemes to offer savings products as well as pensions on its My Money corporate platform.
Friends, which is now part of Aviva, says the new proposition combines the security and governance benefits of trust-based solutions with its corporate platform. The proposition is being launched under the Friends Life brand and will switch to Aviva branding in due course.
The provider says it is aimed at employers who have offered a pension scheme to their employees to date rather than new-to-market auto-enrolment business and each scheme is individually underwritten.
The My Money Master Trust is independently governed, with Pitmans Trustees Limited as chair of trustees. The trustees are advised by independent experts including KPMG and Squire Patton Boggs.
The Master Trust provides employees with a modern and flexible pension benefit with a governed range of fund options and access to educational online tools and information and a range of workplace savings options that can be accessed through a single customer interface.
Aviva managing director – workplace benefits Colin Williams says: “The unprecedented amount of regulatory change is placing increasing pressure on employers and trustees as well as increasing employees’ need for assistance in making the right financial decisions for their future. The trust and master trust solutions available on our corporate platform enable employers to benefit from the governance of trust-based solutions and the flexibility of a modern platform solution, meaning that they no longer have to choose one or the other.”