Scottish Widows has launched its auto-enrolment solution, offering a pension front end that links to its own product and B&CE’s Peoples Pension.
The provider says its new auto-enrolment technology proposition, which allows intermediaries to take as much or as little of its components as they wish, marks a move from being an off the shelf provider to one facilitating tailor-made solutions.
The system has online support tools designed to help employers manage different pension solutions across their business.
The technology behind the Scottish Widows automatic enrolment solution includes three fundamental components. A suite of support tools for employers is designed to help them comply with their new employer duties more confidently and more cost effectively.
The system offers increased flexibility for financial advisers in structuring both consultancy and adviser charging agreements post-RDR, enabling them to support employees and drive improved outcomes at retirement.
The system also supports a segmented approach for employers who wish to use alternative providers such as The People’s Pension from B&CE or Nest, specifically to meet the needs of lower paid employees.
Widows have also announced details of a partnership with The People’s Pension from B&CE. This framework will enable employers to present their entire workforce with an appropriate pension proposition bringing together the Scottish Widows Group Personal Pension with The People’s Pension.
PeterGlancy, head of corporate pensions proposition at Scottish Widows, says: “We are putting in place a series of major building blocks which will form our Auto Enrolment proposition, designed to operate in the world beyond the Retail Distribution Review. Comprehensive support for employers and a drive to ensure good outcomes for employees at retirement underpin our strategy.
“The partnership with The People’s Pension, from B&CE, is an additional building block. By working together we can drive charges down, ensuring that employees are only paying for features that are appropriate to them. B&CE has decades of experience in managing low paid and mobile workers at low cost and on an industrial scale. We believe employers with a diverse workforce structure will benefit from our combined expertise.”
Paul Murphy, director of customer development, B&CE says: “We are delighted to be working with such a well respected organisation. We believe that B&CE and Scottish Widows have shared values that create a natural fit. This collaboration will provide employers with a flexible and simple solution to their automatic enrolment obligations, removing as much of the administrative burden as possible, whilst giving the best possible deal for their entire workforce.”