Scottish Widows is to channel £30 million of extra funding to deliver product and service improvements to its corporate pension proposition, including a comprehensive workplace savings proposition.
The investment is part of what it describes as its ‘Driving Pensions Value Programme’, which launched in 2016.
The provider says the project will see the development of a workplace savings proposition over the next 12 months that will give easy access to a range of workplace savings products, including Isas and simplified access to and management of drawdown, with a single view for employees in a group personal pension.
The initiative will also include the development of its investment offering to include blended funds.
Scottish Widows also plan to develop its own master trust proposition ‘to offer greater choice to employers looking to restructure their pension arrangements’.
Scottish Widows corporate propositions director David Holton says: “This additional investment allows us to take our Driving Pensions Value programme to the next level. 2016 was about listening to what our customers needed in the here and now and delivering this quickly and efficiently through enhanced digital capability. 2017 will be much more about looking to the future by delivering product enhancements across our overall workplace savings proposition.
“A broader range of tax wrappers combined with income drawdown is what our customers are asking for – along with the expansion of our investment fund range. In addition we will continue to roll out digital improvements, including smartphone capability to over 1.5 million scheme members to help them better interact with their retirement savings.”