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Homebase picks Friends

Friends Provident has won the mandate to supply stakeholder schemes for employees of DIY retailer Homebase.

Homebase employs around 17,000 staff who are eligible to join the stakeholder scheme, including 3,500 in its existing defined-benefit scheme. The mandate includes the facility for employees to transfer benefits from Homebase&#39s existing scheme into the stakeholder scheme.

Employees will be able to take out a regular-premium pension deducted from salary on special terms negotiated by Homebase&#39s adviser, KPMG. The scheme invests 100 per cent of contributions, has a 0.45 per cent annual charge and a choice of 14 investment funds. These include three lifestyle strategies to match members&#39 risk profile throughout their career.

Friends Provident managing director Ben Gunn says: “We are obviously delighted to add another household name such as Homebase as a stakeholder client. We have the products, the systems and the resources capability to meet the stakeholder requirements of employers and affinity groups.”

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