CIS is moving in to the intermediary market for the first time by offering its range of defined-contribution pensions through IFAs.
The company, which has until now operated solely through its direct salesforce, will develop a business arm to distribute corporate pensions through employee benefits consultants.
Initially, the group stakeholder and AVCs market have been targeted but CIS has not ruled out offering all products through intermediaries. The CIS DC pensions portfolio will offer in-house with-profits and unit-linked funds together with external guest funds, which are yet to be decided.
CIS hopes to capitalise on the focus on company pension provision following the launch of stakeholder and Equitable Life's demise. The move away from defined-benefit schemes has also played a part in the decision.
General manager (marketing) Martin Clarke says: “The market is open for a new force in corporate pensions.”