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Scottish Life within range of retirement solutions

Scottish Life has designed retirement solutions, a range of pension products that give employers the chance to give their employees a choice of a group personal pension, a group stakeholder plan or an occupational money purchase scheme.

Retirement solutions is aimed at both large and small companies and allows employers to tailor pension arrangements to suit their employees instead of treating staff as though they have the same needs.

It has a range of 17 Scottish Life funds, 17 Scottish Life International funds and nine external funds from Schroder, Perpetual, Fidelity and Philips & Drew.

There is a choice of 17 lifestyle options, which invest for maximum growth in the early years but then automatically switch to less risky funds to protect the investment as retirement approach.

Retirement solutions has a good degree of flexibility and includes group life assurance, payment protection and income protection at an extra cost.

But the group stakeholder plan is inevitably limited in terms of investment choice. The Scottish Life unitised with profits fund and Scottish Life International funds are not available under this plan. In addition, employees have a choice of four lifestyle options and just one external fund – the Schroder Hermes UK index tracker.

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