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Friends Prov assessing employee benefits wrap

Friends Provident is looking at launching an employee benefits wrap proposition.

The firm, which pulled the plug on development of its retail wrap, is conducting detailed research with employers, trustees and potential scheme members on developments in the corporate platform space.

Director of UK corporate James Ward says: “Not everybody wants to lock their money away in a pension for 30 or 40 years. We are investigating whether there are ways in which they can save, and ways in which an employer can help by providing a vehicle to do that or potentially by contributing or subsidising this. We have not come up with a perfect name yet but we are talking about it in terms of a corporate platform.”

Ward says potential developments might include a group Sipp or corporate Isa.

He says the research began before chief executive Trevor Matthews joined in January.

Threesixty partner Phil Young says: “I am not surprised because a lot of providers are looking at employee benefits and the corporate side of things as being particularly profitable and less capital-intensive.”

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