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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, general investment account, child Sipp and junior Isa in 2013.

An internal note sent to staff this week confirms 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 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.”

The Platforum managing director Holly Mackay says: “Aviva is still offering an integrated and online auto-enrolment, flexible benefits and pensions offer. Making money out of workplace savings platforms is the real challenge, so sacrificing the bells and whistles today is not that strange a decision, and this proposition will still be able to service a decent chunk of employers.”

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