Scottish Widows is launching a £50m programme to deliver product and service enhancements, bolster adviser support and create a range of new digital capabilities to its pension offering.
Calling the programme ‘Driving Pensions Value’, Widows is committing to an accelerated period of development over the next 18 months across five core areas: engagement, investments, service, charges and governance.
Developments will include a new suite of next generation digital tools for employers and employees, an overhaul of the insurer’s investment fund range, the transformation of default approaches, including introduction of actively managed portfolios and a series of operational and service enhancements to support advisers and simplify transactions. The programme also includes a cap on charges for legacy products.
Scottish Widows pensions director Ronnie Taylor says: “The pensions industry has been shock-absorbing an unprecedented amount of change over the past few years, rightly putting the spotlight on value for money and delivering good outcomes for savers at retirement.
“By investing in an intensive improvement programme focused on driving pensions value, we are streamlining our business to meet the evolving needs of advisers, employers and individuals, concentrating on what really matters to them by removing complexity, and increasing engagement. We’ve already laid the foundations for this work and it will be our singular focus this year.”