JLT Benefit Solutions has teamed up with Scottish Widows to launch a GPP offering it says will make the type of services only usually enjoyed by larger DC arrangements available to smaller employers.
Called RetireSure Essentials, the offering has been designed to enable costs of advice and servicing to be met using a simplified remuneration model.
RetireSure Essentials comprises scheme governance with annual reporting, annual review meeting with a JLT consultant and consultancy support in adapting to changes in legislation and the DC environment.
Members can benefit from retirement planning tools and receive advice on transfers into the plan. Members have access to a default fund monitored by JLT Benefit Solutions’
Investment Consulting Committee.
Duncan Howorth, chief executive of JLT Employee Benefits says: “With the convergence of governance, auto-enrolment and RDR, many employers might find that their existing GPP plan will no longer be suitable, nor will it provide sufficient remuneration to all their advisers to provide the increasing services and advice required.”