Friends Life launches workplace savings platform

Friends Life has launched an online workplace savings platform, which includes a pension scheme, individual savings accounts (Isas), and investment accounts.

Its My Money platform, which provides information and educational support products, will allow employers to offer pension and non-pension savings in one place, tailoring the benefits package to enable staff to save in the way most relevant to their life stage, whether repaying student debt, saving for a property deposit, or building long-term wealth.

The corporate platform will enable employees to:

•See all their workplace financial benefits in one place and get a clearer picture of their overall finances based on savings and debts;

• Apply for financial products from Friends Life;

• Forecast what their savings could be worth in the future based on their current value, their own contributions and contributions from their employer or government;

• Understand the impact of changes to pension contribution levels on future retirement income;

• Set up or amend payments directly from their salary or bank account;

• View payments and transactions online, switch funds and redirect future payments;

• Assess their risk profile and what types of funds might suit them best;

• Track funds and investments, analyse their performance and look at detailed comparisons.

Colin Williams, managing director of corporate benefits at Friends Life, said: “The corporate platform uses new technologies to meet the challenges of regulation, a changing workplace and tough economy.

“The value of pensions as a benefit often goes unrecognised by employees who have different generational attitudes and priorities when it comes to saving. Workplace savings have been left behind high-street banking when it comes to new technologies, but it is now time to catch up and make long-term saving accessible, understandable and relevant.”

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