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Scottish Widows launches new workplace pensions and savings business after Zurich switch

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Jackie Leiper

Scottish Widows has today launched an enhanced workplace savings range following the successful completion of the first phase of the transfer of Zurich’s UK workplace pensions and savings business, Zurich Corporate Savings.

Edinburgh-based Scottish Widows announced the acquisition of Zurich Corporate Savings in October 2017.

The Zurich workplace investment products transferred today and are re-branded Scottish Widows.

Around 200 Zurich employees also transferred today via a TUPE arrangement.

Completion and transfer of the remaining assets will follow thereafter, following the required regulatory and legal approvals.

Widows said today’s launch of the enhanced workplace savings range marks its bid to offer “ the most comprehensive proposition on the market”.

The new range will enable Scottish Widows to compete for the very largest schemes, as well as enabling intermediaries to build bespoke client investments or offer ready-made solutions for a wide range of scheme sizes.

The enhancements, which provide access to a broader range of trust and contract-based solutions, include:

  • Master Trust, which offers large employers good governance and oversight while minimising their overheads

  • Group Self Invested Personal Pension, which provides a personal pension plan with added employee investment capability. It also helps advisers design bespoke solutions using flexible investment options

  • General Investment Account, to provide access to a range of investment options · Stocks and Shares ISA, for employees wanting to maximise their tax-free savings through the workplace

  • Occupational Money Purchase, to offer pensions underwritten in trust

  • Investment Only Solutions, aimed at trustees of unbundled arrangements to invest large pension funds in a tax-efficient way

  • Workplace pensions and savings platform with leading functionality

    • Jackie Leiper, Scottish Widows distribution director, said: “Our goal is to create the market-leading UK retirement savings business. Today’s launch is an important step in that journey and supports intermediaries with products to meet a wide range of workplace client needs, from bespoke investments to ready-made solutions. It also broadens our appeal for large employers, enabling us to offer solutions for even the biggest schemes in the market.

    “The integration of Zurich’s workplace business gives us a proposition, platform and team of experts to allow us to hit the ground running.”

    Andy Seed, Scottish Widows head of partnerships (formerly head of distribution, Zurich Corporate Savings), said: “We are excited to have joined Scottish Widows. Our deep knowledge and expertise in the large and complex workplace savings arena, coupled with the ambition and drive of the group, will move the business forward at pace and deliver market-leading products to our customers.”

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