CIS is to offer external fund management links on its pension contracts for the first time.
It has chosen Schroders to provide the links which will be available on its recently launched corporate defined-contribution pension service.
The move follows CIS' launch into the IFA market in September after more than 70 years of direct selling. It now offers its corporate pension range aimed at employee benefits consultants.
Schroders is the first external fund manager to come on board for CIS's group stakeholder and AVCs. More fund managers will be brought on board.
Schroders will provide five external funds, including its pensions active UK equity fund, pensions active managed fund, pensions active global equity fund, pensions active UK bond fund and pension index-tracking global equity fund.
These funds are combined with the other funds on the CIS DC pension portfolio and have been chosen to complement CIS's socially responsible investment policy.
CIS used AKG Actuaries & Consultants to help it select Schroders for the new venture.
CIS general manager (marketing) Martin Clarke says: “We believe that no one fund manager has all the expertise needed to provide the best possible investment structure for all DC scheme members.
“We will be offering a choice of its in-house with-profits and unit-linked funds, together with the Schroders' funds. By including Schroders on our platform, we are offering our customers access to its investment management expertise and global research capability.”