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Friends Provident signs deal with FNZ to deliver corporate wrap

Friends Provident has signed a contract with FNZ to power its corporate wrap.

The platform, to be delivered in 2010, will operate alongside Friends’ new generation pensions platform.

In May this year, Money Marketing revealed that Friends is looking at launching an employee benefits wrap proposition, and that it was conducting detailed research with employers, trustees and potential scheme members on developments in this space.

Today’s deal means employers will be able to integrate benefit packages for employees to include pension and non-pension products such as a corporate Isa.

The platform will also contain advanced member engagement and financial education tools, and in the future will enable the delivery of an individual Sipp.

Friends managing director Simon Clamp says: “The new contract we have negotiated with FNZ marks an exciting milestone for Friends Provident.

“Benefit consultants and employers are redefining their approach to corporate benefits in the work place – recognising that the future is much more than simply providing pension products.”

FNZ chief executive Adrian Durham says there is huge demand from both the employer and employee for a flexible savings platform for short, medium and long term goals.

He says: “Certainly the work I’ve done in this area there is lots of demand from major employers for that type of product because they have the low take up problem on pensions and they are unable to incentivise their employees like they used to.

“You are going to see people start to supply that over the next 12 months in a big way.”

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