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Scottish Life offers pension platform access for SMEs

Scottish Life is offering an employee benefits&#39 platform which allows smaller companies access to online pension valuation traditionally available only to blue-chip company schemes.

The platform will mean staff of SMEs using the system will be able to log on to their own account to track their occupational pension pot and other employee benefits.

The new offering, which is called works4you, is available through ScotLife&#39s Retirement Solutions range of company-based pensions at no additional cost regardless of scheme size.

ScotLife says that IFAs can use the platform as an added-value service to existing clients as well as for potential corp-orate clients.

The launch follows research by Scottish Life showing that SMEs and IFAs want better access to wider benefit packages. The life office says its free service would cost a 100-employee organisation over £10,000 plus an ongoing maintenance cost per person if bought off the shelf.

Scottish Life sales director Jim Smith says: “Works4you will allow SMEs to compete with bigger employers. It gives IFAs a chance to provide a similar service to their SME clients that big organisations enjoy through their relationship with employee benefit consultancies.”

Knightsbridge Financial Services financial adviser Richard Condell says: “Many employees do not understand the value of their benefits and smaller employers will like to get the recognition for what they are doing for their staff.”

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