B&CE is preparing to rival Nest with the launch of a low-cost pension offering targeting low to moderate earners ahead of automatic-enrolment.
The provider currently offers workplace pensions to 1.6 million employees in the construction industry only. B&CE’s alternative offering will be unveiled in November and will be available to everyone, regardless of sector.
The company has not yet disclosed the new scheme’s charging structure, although director of finance and strategic delivery Patrick Heath-Lay says the charges will be “simple” and “competitive”.
He says: “We already know what it is like to deliver pensions on a large scale to low to moderate earners. We will be enhancing the product to meet the challenges of auto-enrolment.
“We think that by opening the doors up to all sectors we will be able to provide an alternative to the Nest model.
“The charges will be very competitive and we firmly believe in simple and transparent charging. If you are asking someone to engage and save for their future they should know what is coming out.”