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Staff don’t want workplace wraps, claims Kerr

Ernst & Young director of financial services Malcolm Kerr says he has seen no employee demand for corporate wraps.

Standard Life, Legal & General and Scottish Widows have launched corporate wraps and Friends Life and Zurich have committed to joining the market this year. Hargreaves Lansdown set up its corporate wrap, Vantage, in April 2010.

Speaking at the Money Marketing Retirement Planning Summit in Monte Carlo last week, Kerr said: “We have not seen any evidence that employees want Isas and travel insurance through their flexible benefit systems. The take-up in E&Y’s own flexible benefits system is very low.”

Hargreaves Lansdown head of pensions research Tom McPhail says the firm has 350,000 investors using its Vantage service.

But he says: “The next 18 months will see significant expansion in the workplace wrap market because providers are worried they will miss out on the demand that is clearly there from employers.”

Legal & General finance and product director for workplace savings Carole Avis says: “We have seen an enthusiastic response from staff using our WorkSave Isa. Interest in corporate wraps is likely to grow as automatic enrolment approaches.”

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