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Aviva scraps workplace savings plans

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Aviva has scrapped plans to add new workplace savings options to its employee benefits platform Work:Life.

Work:Life launched in September, offering online access to Aviva’s group personal pension product and auto enrolment hub. At the time the provider said it planned to add a group Sipp, corporate Isa, a general investment account, child Sipp and junior Isa in 2013.

An internal note to Aviva staff yesterday confirmed these plans have now been dropped.

An Aviva spokeswoman says: “As you would expect, we have been looking at adding to our successful GPP and Work:Life employee benefits platform. One of our considerations was the addition of Group Sipp and Group Isa options, and due to spending priorities we have decided not to go ahead with this.

“On reviewing our existing group pensions technology infrastructure we have decided that we will continue to build on this, which is proven in the market. We will also continue to develop our Work:Life employee benefits platform.”

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Comments

There are 9 comments at the moment, we would love to hear your opinion too.

  1. Ah well, at least they won’t make a mess of it…

  2. Looks to me as though Aviva’s future is behind it!

  3. Anthony Rafferty 12th March 2013 at 10:42 am

    The only surprise here is that it took them so long to come to this decision. Aviva already has a really good wrap platform that does everything they needed in the workplace channel. Why they would even think about spending tens of millions on getting new technology for a different market is beyond me!

  4. The only reason Aviva doesn’t do something it was planning to do, is because they can see no way of making profit from it.

    Sounds about right!

  5. Based on AVIVA’s Lifetime WRAP cock up, AVIVA should stick to running buses…….

  6. The first piece of good sense from AVIA in a long while.

    Work place DC pensions are the Trabant of the pension world. Not even good enough to be second rate. A product of Stalinist collective thinking, that does precious little for the workers, whilst hardly enriching the Politburo.

  7. Not a suprise….a certain Mr Matthews leaves and the technology provider he signed up are canned. Aviva have narrowly missed a very expensive mistake

  8. @Harry – sorry I disagree, workplace savings using pensions, ISAs and credit union payroll deduction is the way to go if we are to encourage consumers to save without bring back the man from the Pru. a much more cost effective method than knocking on doors and collecting a cheque or cash and writing it in a book.
    Which would you rather have had if you were an East German pre collapse of the Soviet Union, a Trabant or a pushbike?

  9. I have to agree with Phil Castle I am afraid Harry. Workplace pensions are a necessity and as a result the employees will get access to advice that they wouldn’t ordinarily get post RDR. Unless of course they are advised not to join?

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