Scottish Widows and Aviva have revealed details of their new workplace savings offerings as the product providers finalise automatic enrolment strategies.
The Widows’ proposition will allow employers to offer employees either the Widows group personal pension or a choice between B&CE’s The People’s Pension or Nest through a single proposition.
Widows has invested £100m in the product, which it says can be tailored to meet the needs of individual clients. It uses the company’s corporate wrap platform, mymoneyworks.
A tool that assists employers in complying with their regulator duties is also built into the offering.
Head of corporate pensions proposition Peter Glancy says: “We are putting in place a series of major building blocks that will form our auto-enrolment proposition, designed to operate in the world beyond the RDR. The partnership with The People’s Pension, from B&CE, is an additional building block. By working together, we can drive charges down, ensuring employees are only paying for features that are appropriate to them.”
Aviva’s new workplace savings proposition, WorkLife, allows employers to place all their workplace benefits on to a single online hub.
The company has also launched a separate online compliance tool designed to help employers meet their auto-enrolment obligations.
Aviva says the offering will support employers who want to offer multiple pension scheme arrangements to their employees, including Nest. Aviva head of workplace savings development Iain Oliver says: “Meeting the day-to-day automatic enrolment obligations will be demanding for employers. This is why we have developed our compliance monitoring tool. It has the advantage of supporting employers across multiple pension schemes.”
Master Adviser senior partner Roy McLoughlin says: “Auto-enrolment is bewildering for a lot of employers so it is important that providers continue to develop tools that will help them.”