Salary exchange capability for Widows’ corporate pension proposition

Scottish Widows says its new salary exchange tool is the only one in the marketplace to offer scheme specific bulk calculations. The tool is designed to aid advisers and employers in communicating the benefits of salary exchange and demonstrating the different ways available to take advantage of the employer and employee National Insurance contribution savings. The calculator will also produce pre-populated letters for each individual employee that are scheme specific and detail exactly how salaries will change. These can be used to allow employees to \"opt-in\" to the exchange, and act as the change to their contract of employment.

It is also adding share dealing to its self investment option as well as the ability to roll over shares from SAYE schemes and share incentive plans and transfer non-monetary assets.

John Taylor, market director, corporate pensions at Scottish Widows, says: “In the current economic climate, salary exchange can be a cost-saving option for both employers and employees.”