Scottish Life has launched a range of services designed for the defined benefit market.
The new proposition is based on a ‘semi-bundled’ approach, offering a core package of services that every scheme needs in order to run effectively – made up of actuarial, administration and documentation services.
Employers and trustees are then free to pick from a comprehensive list of additional services, ranging from SORP accounting through to asset liability modelling, bespoke communication services, secretarial services, investment of assets, trustee training and more.
Scottish Life says employers and trustees can access – and need only pay for – the services their scheme actually needs, so ensuring they are getting the maximum value for money.
Equally, if they wish to purchase services from other providers, for example the investment of assets, then they are absolutely free to do so.
Head of corporate business Mark Polson says: “We are delighted to be able to offer this new comprehensive package of services to employers and trustees. Our clients and their professional 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’re confident we can offer schemes an attractive range of professional services to allow them to bring their costs under control whilst still accessing the expert administrative, actuarial and investment assistance they require.”