JLT Benefit Solutions and Scottish Widows launch pension product
JLT Benefit Solutions (JLT) has launched a group personal pension (GPP) scheme called RetireSure Essentials which will be administered by Scottish Widows.
The scheme has been developed to provide services that are usually typical of larger defined contribution (DC) arrangements available to smaller employers.
It comprises scheme governance with annual reporting, an annual review meeting with a JLT consultant, and consultancy support in adapting to changes in legislation and the DC environment.
In addition to competitive charging structures, members can benefit from retirement planning tools and can receive advice on transfers into the plan. They can also have access to a default fund monitored by JLT’s investment consulting committee or to a wide selection of investment options from a range of leading fund managers.
Duncan Howorth, chief executive of JLT Employee Benefits, said: “With the convergence of governance, auto-enrolment and RDR, many employers might find that their existing GPP plan will no longer be suitable, nor will it provide sufficient remuneration to all their advisers to provide the increasing services and advice required.
“RetireSure Essentials provides a cost effective way in which employers can achieve and demonstrate good governance, and at the same time improve levels of member engagement and understanding.”
Andy Barton, director of employee benefits at Scottish Widows, added: “We are delighted to be working with JLT and believe this approach, along with effective employee engagement, can help employees save for their financial future and help address the savings gap.”
Read more articles on group personal pension schemes