Scottish Life is targeting the defined-benefit outsourcing market with a suite of services.
The core proposition will comprise actuarial, administration and documentation services, with firms able to bundle in additional services such as specialist accounting and investment management.
Head of corporate business Mark Polson says the plan is designed to bridge the gap between self-administered schemes and fully bundled insured arrangements.
Polson says companies outsourcing aspects of their pension schemes can ensure that costs are more predictable and transparent. He expects demand for its liability-driven asset allocation service, called managed strategies for defined benefit, to be high and sees that as a key differentiator of the firm’s service. The service will sit alongside Scottish Life’s fully bundled insured defined-benefit proposition.
Polson says: “Our clients and their advisers have told us that there is space in the market between unbundled – self-administered – schemes and the fully bundled, insured arrangements offered by most life companies.
“We are confident that we can offer schemes an attractive range of professional services to allow them to bring their costs under control while still accessing the expert administrative, actuarial and investment assistance they require.”