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B&CE to launch Nest rival

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.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. The Govt will love that! Please, please B & CE avoid the 70s style rip off ‘initial charge’ and in principle you should have an awful lot of takers.

  2. Patrick Heath-Lay 10th October 2011 at 6:58 pm

    From our experience, simple and transparent charges is absolutely what works for our members. Although B&CE won’t be announcing our charging structure until early November 2011, we can confirm that we never have or will introduce ‘initial charges’.

  3. you say :

    “We think that by opening the doors up to all sectors we will be able to provide an alternative to the Nest model.

    how is this different?

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