OUR CORPORATE
PENSIONS PROPOSITION
For financial adviser and employer use only.
About our corporate pensions proposition
About our corporate pensions proposition
ABOUT OUR CORPORATE
PENSIONS PROPOSITION
We’re one of the largest pension providers in the UK, helping
1.4 million employees save for their future (as at 31 December 2015).
Corporate pensions are a key part of our business and we understand
that it’s a complex market. Our strength is in supporting our customers,
putting them at the core of everything we do and always striving to
provide employees with the best outcomes for their retirement.
DELIVERING AGAINST THE
FIVE DRIVERS OF VALUE
ADDITIONAL SUPPORT TO
MEET OUR CUSTOMERS’ NEEDS
Over the last few years, reforms in the corporate pensions industry have introduced a huge amount
of change. We’ve seen increased focus on the importance of delivering value for money and good
outcomes for pension scheme members at retirement. We’ve also seen a common theme emerging
from the Government and Regulators on the key areas to focus on to achieve this:
ENGAGEMENT
INVESTMENTS
SERVICE
CHARGES
We put customers at the core of everything we do by listening to
what they want and building our proposition around their needs.
OUR CUSTOMERS TOLD US THAT THEY WANTED THREE THINGS FROM US:
GOVERNANCE
Share our knowledge
and expertise.
With our in-depth knowledge and understanding of the industry, we agree that delivering on
these five ‘drivers of value’ should help deliver good outcomes for employees at retirement.
But we believe our proposition needs to do more than simply deliver against these – it also
needs to provide the additional support that our customers have told us they want.
2
Support them
through complexity.
Be easy to do
business with.
So we’ve designed our proposition to deliver against these three requirements.
Because to us, it’s simple. By listening to our customers and always developing
our proposition with their changing needs, we’ll continue to provide a service
that keeps customers happy and supported, for today and tomorrow.
3
Contents
Contents
01
02
03
04
SHARING KNOWLEDGE
AND EXPERTISE
SUPPORTING CUSTOMERS
THROUGH COMPLEXITY
BEING EASY TO
DO BUSINESS WITH
KEEPING OUR
200 YEAR PROMISE
Page 6
Page 10
Page 20
Page 26
Our interactive retirement
planning website
Specialist relationship management teams
Creating better customer experiences
The Scottish Widow – an icon of our time
Support for automatic enrolment
Making it easy for employees to
exercise their options at retirement
Our commitment
and financial strength
Financial Planning team/Techtalk
Support for employers who have already staged
Tools and calculators
Online services
Personal and dedicated servicing
Industry reports and
Employees Like Mine tool
Employee engagement
Dedicated websites
Presentation team
mymoneyworks to plan for a better future
Bulk switching and our new
default investment strategy
Our transfer process
for Trustee Buyout Plans
Digital pension transfer service
A flexible investment proposition
for all types of investors
A default fund with a strong track record
Premier Funds
Insightful governance reports
Salary Exchange support
Nearing retirement help and support
Member helpline
4
5
Sharing knowledge and expertise
Sharing knowledge and expertise
01
OUR INTERACTIVE RETIREMENT
PLANNING WEBSITE
SHARING KNOWLEDGE
AND EXPERTISE
Our customers have told us they really value the knowledge and expertise
we’ve built up over the last 200 years. And because we share it, we’re
recognised as a go-to organisation in the industry when looking for
in-depth analysis, insight and interpretation of changes in the market.
The more employees understand the Pension Freedoms changes,
the easier it is for them to make the right decisions for retirement.
It also encourages them to shop around at retirement,
use the Government’s Pension Wise service and find
good financial advice.
Our impartial website takes employees on a step-by-step
retirement planning journey. Featuring helpful interactive
case studies and a pension options comparison table, it helps
employees understand their options and the decisions they
face. It’s written in simple, user-friendly language and provides
education, tools and information to help employees understand
and take full advantage of the additional flexibility Pension
Freedoms offer.
STEP 1
scottishwidows.co.uk/retirement-planning
STEP 2
STEP 4
6
STEP 3
STEP 5
7
Sharing knowledge and expertise
Sharing knowledge and expertise
FINANCIAL PLANNING TEAM/
TECHTALK
INDUSTRY REPORTS AND
EMPLOYEES LIKE MINE TOOL
Our team also produces ‘Techtalk’ – a genuinely
insightful, highly valued magazine for advisers
that anticipates and interprets key industry changes
and regulation.
Everyone in our dedicated Financial Planning team
is an expert in their subject matter. They share their
knowledge and expertise through a variety of resources
such as articles, case studies and factsheets as well as
providing regular updates on Budget announcements
and other legislative changes.
If you’re an adviser, you can download Techtalk at
scottishwidows.co.uk/techtalk
We’re always looking for new ways to use and share our
insight, so we’ve developed Employees Like Mine. This
gives employers access to information about retirement
planning in workforces similar to theirs. Segmented by
industry and number of employees, the tool reveals a
range of relevant information, including typical saving
attitudes, average contribution levels and expectations
of employers.
Every year we carry out the industry’s largest piece
of research into consumer views on pensions and
retirement planning. This gives us real insight and rich
data to produce a range of industry reports, such as our
Retirement Report, Workplace Pensions Report and our
Women and Retirement Report. The research also helps
us to develop our proposition and provide input that can
help shape Government policy.
scottishwidows.co.uk/mediacentre
scottishwidows.co.uk/employeeslikemine
TOOLS AND CALCULATORS
Pension planning can seem like an abstract concept to employers
and employees, so we’ve made it easier to understand. Our wide
range of interactive tools and calculators use real scenarios,
bringing retirement planning to life.
If you’re an adviser, visit the Adviser Extranet at
scottishwidows.co.uk/corporate-tools
If you’re an employer, visit the Employer Hub at
scottishwidows.co.uk/employerhub
DEDICATED WEBSITES
We know it can be difficult for our customers to understand how changes
in the industry will impact them. Our comprehensive and dedicated
websites for advisers and employers cut through the jargon, explaining
the changes and what they mean in simple terms. We also have a website
for employees, which has clear and simple information about the
company pension and what it means for them.
Our dedicated websites mean the relevant information is easy to find:
ADVISERS scottishwidows.co.uk/extranet
EMPLOYERS EMPLOYEES scottishwidows.co.uk/employerhub
scottishwidows.co.uk/gpp
scottishwidows.co.uk/gppae
8
9
Supporting customers through complexity
Supporting customers through complexity
SPECIALIST RELATIONSHIP
MANAGEMENT TEAMS
We build strong, long-term relationships with our customers and recognise the value of working
closely with both employers and their advisers. Our flexible proposition means that we can offer
support in ways that suit different employers and complement the work of advisers.
From setting up new schemes to planning a calendar of education and engagement activity,
our ongoing support helps you get the most from our corporate pensions proposition.
02
We have specialised, skilled teams
working with advisers and
supporting employers.
We build an understanding of employers
and their workforce so we can focus on
what is important to them.
This includes over 100 people in
relationship management roles.
Support can be delivered face to face,
over the phone or online.
SUPPORTING CUSTOMERS
THROUGH COMPLEXITY
Corporate pensions have become increasingly complex, but with
our extensive knowledge, we can cut through that complexity to provide
our customers with the help and support they’ve told us they need.
Our tailored support comes in all shapes and sizes and is
available for the lifetime of the scheme.
10
11
Supporting customers through complexity
Supporting customers through complexity
SUPPORT FOR
AUTOMATIC ENROLMENT
SUPPORT FOR EMPLOYERS
WHO HAVE ALREADY STAGED
Automatic enrolment is complex and we know that employers can find their duties
daunting. We’ve already helped over 4,800 employers stage and we’re well placed
to provide our customers with the support they need. With our in-depth knowledge
and experience of automatic enrolment, we know that one size doesn’t fit all.
That’s why we have a range of solutions in place:
We know that some employers who have already staged
may want to move their scheme to a different provider. With
our experience of automatic enrolment, we understand the
guidance and support needed for a successful move.
4,800
DESIGN & IMPLEMENTATION TEAM
ONLINE SERVICES FOR AUTOMATIC ENROLMENT
The Pensions Regulator is encouraging smaller employers who have still to stage to use their existing payroll
or business software for automatic enrolment. This type of software typically now includes the functionality to
support employers with their automatic enrolment assessments and the issuing of mandatory communications.
And with the software already being integrated into employers’ businesses there’s no need for the introduction
of an entirely new system.
What these employers do need is a simple and straightforward way to upload relevant data to their pension provider
and that’s where our tried and tested online services come into play. Once the employer has staged, they simply use our
online services to upload their monthly contribution files – a smooth and easy process that puts the employer in control.
We have already helped over 4,800 employers to
automatically enrol compliantly (as at 31 May 2016).
When moving to a new provider we know employers want
minimum hassle and maximum support. Strong project
management is a key requirement and our experienced Design
& Implementation Project Managers can provide just that,
making the move to Scottish Widows as straightforward
as possible. They work with employers to understand and
document automatic enrolment requirements, develop an
end-to-end plan and manage the transition, giving confidence
that the new scheme will be implemented successfully.
The team’s qualified Project Managers all have a strong
background in corporate pensions and automatic enrolment.
DESIGN & IMPLEMENTATION
TEAM SUPPORT
Face-to-face
meetings to design
and plan scheme
A single point
of contact for any
aspect of the project
implementation
Close liaison
with our Marketing
Communications
team
Rigorous
project management
and progress
reporting
Training for
employer’s scheme
administrators
Post –
implementation
review
TRANSITION MANAGEMENT SUPPORT
ASSISTME
For employers who can’t use their payroll or business software or who have more complex
requirements, AssistMe, our simple and intuitive online platform, may be a more appropriate solution.
AssistMe helps with the administration, compliance and reporting associated with automatic
enrolment and helps to give employers reassurance that they’re meeting their obligations.
AssistMe is supported by our Automatic Enrolment Support Team (AEST). The AEST is a dedicated team of
specialists who help employers understand what we need from them and ensure AssistMe is configured to their
requirements. The team will continue to provide ongoing support and technical assistance throughout the lifetime
of the scheme.
THIRD PARTY LINKS
We’ve developed technology links and processes with selected payroll providers and other third
parties providing software for automatic enrolment. This allows employers to use the automatic
enrolment solution that suits them, while using Scottish Widows for their qualifying scheme.
The links allow data to be passed seamlessly from the payroll provider or other third party’s systems to ours,
reducing hassle and duplication of effort when it comes to sharing relevant data.
12
Moving from one pension provider to another is a big decision.
We know that employers, naturally, have concerns over the
risks involved when moving existing scheme assets to a new
provider. Managing this type of transition is a key strength
of Scottish Widows and we have a huge amount of experience
in supporting customers through the complexity of a move.
Because we know that the needs of one business are quite
different to another, we’ve developed various strategies we can
implement, with one objective in mind: transferring the assets
from the existing provider to Scottish Widows while reducing
the associated risks, including out of market exposure. The
employer is kept informed throughout, with reporting at each
stage of the transition to ensure full transparency both before
and after asset transfer.
13
Supporting customers through complexity
Supporting customers through complexity
PERSONAL AND
DEDICATED SERVICING
One of the cornerstones of our reputation has been our delivery of
personal service, tailored to our customers’ needs, with dedicated
contacts and expert staff in place to set up and manage schemes.
OUR COMMITMENT TO BETTER SERVICE
• We are redesigning our customer journeys with a focus on
providing a seamless service.
Automatic enrolment has introduced new responsibilities for
employers and created unprecedented demand for corporate
pensions. Adapting to this new environment and providing
employers with the support they need has been challenging
and stretched our servicing resource. But because we know
how important it is for our customers to have consistency and
continuity of service we’ve been working hard to improve this.
• To enable our staff to focus on where they can add most
value, we are continuing to simplify and improve automation
of processes.
• To strengthen our support for customers, we have increased
the size of our corporate pensions servicing team.
• We continue to invest in our staff to ensure they are equipped
to answer your queries as efficiently and effectively as possible.
If you’re an adviser and want more information, visit
scottishwidows.co.uk/servicing
EMPLOYEE ENGAGEMENT
understanding of the people we’re talking to. The key findings
were that employees want messaging that’s personalised to
them, jargon-free and easy to understand.
We understand the importance of engaging employees with
their company pension and know it’s an important way of
helping them plan for their future and achieve the retirement
they want. Our tailored communications have been built on
the foundation of Behavioural Economics, ensuring positive
reinforcement and subtle nudges are woven throughout, to
encourage employees to take small steps in their journey
to retirement, no matter how far off it may seem.
We have created communications to suit every type of
employee and work closely with employers to ensure we’re
talking to their employees correctly. From posters and pull-up
banners for office-based workers, to digital communications
and film content for remote workers, our innovative
communications approach ensures we are talking to each
employee in the most appropriate and effective way.
Our communications have been researched with employees to
ensure we have the most relevant messaging with the deepest
CHANGE
YOUR
LIFE
IN AN
HOUR
PRESENTATION TEAM
5 MINUTES NOW TO MAKE
A BIG DIFFERENCE LATER
• come to the employer’s business premises
• explain the scheme and the importance of saving
for retirement
• run pre-retirement planning workshops
• guide employees through investment options.
What’s more, the team doesn’t disappear after enrolment –
they offer support throughout the lifetime of the scheme.
UNDERSTAND
COMPANY
PENSION AT YOUR
SEMINAR
THE
CHANGEYOURLIFEINANHOUR.CO.UK
LIFE FEELS BETTER WHEN YOU HAVE A PLAN
Scottish Widows Limited. Registered in England and Wales No. 3196171. Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 181655.
25629 A3 01/16
25629-NFP-A3Poster-1-5minutesnow.indd 1
The team can:
We want to ensure that employees understand the value of
their company pension scheme – it’s a significant employee
benefit. With a wealth of experience in delivering bespoke
presentations to employees, our Presentation Team can help
with this, while ensuring employees receive all the information
they need to make informed decisions about their pensions.
17/02/2016 09:37
CHANGEYOURLIFEINANHOUR.CO.UK
Whatever your age, you need
a plan to get yourself on track
for your retirement.
LIFE FEELS BETTER WHEN YOU HAVE A PLAN
CHANGEYOURLIFEINANHOUR.CO.UK
LIFE FEELS BETTER WHEN YOU HAVE A PLAN
Scottish Widows Limited. Registered in England and Wales No. 3196171. Registered office in the United Kingdom
at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the
Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 181655.
25643 01/16
Scottish Widows Limited. Registered in England and Wales No. 3196171. Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 181655.
25628 A4 01/16
25628-NFP-A4Poster-1-Changeyourlife.indd 1
17/02/2016 09:40
25643-NFP-Banner-2-Understandthecompanypension.indd 1
14
17/02/2016 10:27
15
Supporting customers through complexity
Supporting customers through complexity
MYMONEYWORKS TO PLAN FOR
A BETTER FINANCIAL FUTURE
A DEFAULT FUND WITH A
STRONG TRACK RECORD
which helps us meet the growing demand for access to a wider
range of savings options in the workplace.
We recognise financial wellness is increasingly important in
the workplace and financial education has a key role to play.
Pensions are important, but only form part of the picture.
That’s why we offer mymoneyworks, a web-based financial
planning service, which provides employees with guidance
and tools to help them plan for a better financial future.
It’s available to schemes of all sizes.
We want to deliver value for money and good outcomes for
pension scheme members at every stage. So we’re continuing
to develop mymoneyworks to increase the support we offer
in the complex area of financial planning.
We are changing our default strategy to target flexible access
in the second half of 2016, but the underlying funds are the
same for all chosen outcomes (Targeting Annuity, Targeting
Flexible access, or Targeting encashment) until 5 years
from retirement.
Investment performance has a significant impact on what
employees can get at retirement, but for many employees,
choosing a fund to invest in is a daunting prospect.
Customers who don't choose their own investment, default to our
Balanced (Targeting Annuity) Pension Investment Approach (PIA),
which has performed strongly since launch in 2006.
Our default fund performance* compared to an industry benchmark
There’s also a range of financial products available through
mymoneyworks, including online ISAs and savings accounts,
scottishwidows.co.uk/mymoneyworks
70%
60%
50%
40%
A FLEXIBLE INVESTMENT PROPOSITION
FOR ALL TYPES OF INVESTORS
30%
20%
10%
0%
Our investment proposition offers flexibility and choice
through our ready-made and rigorously-governed Pension
Investment Approaches (PIAs) and our range of self-select
funds. For employers looking for simplicity and support to
help their employees achieve their retirement goals, we
offer a range of ready-made PIAs with three risk categories
to choose from: Adventurous, Balanced and Cautious. Their
robust design aims to be relevant to the majority of employees
while reducing their exposure to risk as they move towards
retirement and employees can choose the level of risk that’s
right for them.
Before the introduction of Pension Freedoms, our PIAs took
employees on an investment journey designed to prepare
their pension pot for buying an annuity at retirement. To help
employees take advantage of the extra flexibility offered by
Pension Freedoms, we developed our PIAs to allow them to
choose not only the right level of risk for them but also from
three retirement outcomes. They can now choose to target
annuity, target encashment or target flexible access, with
each outcome designed to prepare their pension investment
in its last five years for whichever retirement choice they
expect to make.
There will be employees who prefer the choice and flexibility
offered within our full fund range but who still want the
peace of mind that the funds they select are governed just
as stringently. They can choose from a selection of 127 funds
across 14 different fund managers, from a mix of actively
and passively-managed funds with different levels of risk.
Advisers can find more information on our investments at
scottishwidows.co.uk/corporate-investment-options
16
01/01/2016
Adventurous
(Targeting Flexible
Access)
01/07/2015
Balanced
(Targeting Flexible
Access)
01/01/2015
Cautious
(Targeting Flexible
Access)
01/07/2014
Adventurous
(Targeting
Encashment)
Scottish Widows Balanced PIA
01/01/2014
Balanced
(Targeting
Encashment)
01/07/2013
Cautious
(Targeting
Encashment)
01/01/2013
Adventurous
(Targeting Annuity)
01/07/2012
Balanced
(Targeting Annuity)
01/01/2012
Cautious
(Targeting Annuity)
01/07/2011
ADVENTUROUS
01/01/2011
BALANCED
01/07/2010
CAUTIOUS
01/01/2010
-10%
ABI mixed investment 40-85%
Source: Financial Express and Scottish Widows, February 2016.
* Until 15 years from retirement, when the portfolios start to de-risk. Performance is net of fees. Past performance is not a reliable indicator of future results.
The value of an investment can go down as well as up and could fall below the amounts paid in.
PREMIER FUNDS
The new Premier PIA (PPIA) options have the same underlying
structure as our existing PIAs:
Building on our well-established Pension Investment
Approaches (PIAs), we have launched the Scottish Widows
Premier Pension range (Premier range).
• three risk categories (Cautious, Balanced, Adventurous)
and three retirement outcomes (Targeting Annuity,
Targeting Encashment, Targeting Flexible Access)
The Premier range has more investment components than our
PIAs. Accessing specialised investment strategies, more asset
classes and a degree of active management, the Premier range
has the potential to generate better net returns for broadly
similar levels of risk. This diversity of course comes at an
additional cost to employees but provides the potential for
greater performance.
• a path that reduces exposure to risk as employees move
nearer to retirement.
In addition to the PPIA options, our new Premier Pension Portfolio
Funds are all available as stand-alone investment choices.
17
Supporting customers through complexity
Supporting customers through complexity
INSIGHTFUL
GOVERNANCE REPORTS
NEARING RETIREMENT
HELP AND SUPPORT
We go further than that too. The reports:
Employers and employees alike need peace of mind that
their pensions are robust and well governed. Both pension
providers and advisers can support employers in fulfilling
their governance responsibilities. For group personal pension
and group stakeholder schemes we provide employers with
an annual governance report, reassuring them that their
scheme is well governed and in good hands.
look ahead to the following year and present updates on
market issues, in everyday language
•
provide an overview on what our Independent Governance
Committee has been doing to help deliver a good member
experience.
•
We have also enhanced the information
we send employees six months and six
weeks before their retirement date, with
the addition of a ‘Helping you prepare for
your retirement’ booklet. This provides
information about the options available
to employees as well as promoting the
importance of financial advice and
pointing out various sources of help
available including the Government’s
Pension Wise service.
Pension Freedoms can be quite complex
for people to understand. So as well
as providing our interactive retirement
planning website, there’s our ‘Retirement
hub’: a specially trained team that provides
employees with information about the
options available to them at retirement,
based on their individual circumstances.
If employees want us to provide financial
advice, we can offer this too, on a
transactional or ongoing basis.
SALARY EXCHANGE
SUPPORT
Our easy to use Salary Exchange tool has been developed to
help show the benefits of Salary Exchange. The tool allows
the calculation of real examples as well as the generation of
employee letters based on data provided. We also have a range
of support material available to help customers understand what
they really need to know about the potential benefits and risks
of using Salary Exchange.
Many employers use Salary Exchange as a way for their employees
to make pension contributions and reduce the amount of National
Insurance (NI) they pay. This means employees can increase
their take home pay (by the saving in NI contributions) or make
higher pension contributions at no extra cost. Employers can
also pay less in NI contributions and this can help offset some of
the increased pension costs associated with automatic enrolment.
scottishwidows.co.uk/salaryexchange
MEMBER HELPLINE
Employers are busy running their businesses and don’t want to have
to become pension experts. But they do want their employees to be
able to talk with someone who really understands their pension plan.
Our member helpline provides the support employees need, giving
employers the comfort of knowing their workforce can get straight
through to a company they know and trust.
0345 755 6557
18
19
Being easy to do business with
Being easy to do business with
CREATING BETTER CUSTOMER EXPERIENCES
At the heart of our commitment to be easy to do business with is our Customer Transformation
Programme. Over the course of 2016 and 2017 our corporate customers will see significant
changes in how we work with them.
As part of Lloyds Banking Group, which has 11.5m active online users, we’re uniquely positioned
to access some of the best digital capability and expertise in the industry. This is unlocking a range
of opportunities to improve the way we work and serve customers. We’re testing developments with
our customers to understand how we can best deliver for them, iterating improvements as we go.
As part of this, we’re challenging our current approach to servicing and have already had some
great successes as we look to change the way we think about work with a focus on:
Thinking outside in – moving
from an internal focus to
a customer focus
Designing our services
to provide what matters
to our customers
Measures that reflect what’s
important to our customers
rather than internal capabilities
Minimising customer
effort required.
This means we’re doing much more than simply digitising our existing processes.
We’re using this opportunity to deliver the service our customers are telling us they want.
With £50m dedicated to this transformation, employers and employees will see significant benefits:
03
EMPLOYEES
EMPLOYERS
BEING EASY TO
DO BUSINESS WITH
•
Managing workplace pensions will be much easier
and more flexible so our customers can work with
us in ways that suit them best.
•
We’re using our customer insight and digital
capability to drive more interest, better education,
and engagement with retirement saving.
•
We’ll be able to offer access to more insightful MI,
helping employers drive the best outcomes for
their employees.
•
Employees will be able to engage and transact
over different channels and devices, with more
personalised content.
We know that being easy to do business with is crucial. We encourage
people to look to the future and plan ahead – and that’s just what we’re
doing. We’re fully committed to improving our customers’ experiences of
working with us and we’re more focused than ever on making this happen
and on saving our customers valuable time and effort.
20
21
Being easy to do business with
Being easy to do business with
MAKING IT EASY FOR EMPLOYEES TO
EXERCISE THEIR OPTIONS AT RETIREMENT
ONLINE SERVICES
We’ve designed our corporate pension products to make it easy
for employees to access their pension pots from age 55. All of our
modern products (launched after July 2000) allow employees to
take full pension encashment without any charge and without the
need to move to another product or another pension provider.
Partial pension encashment without any charge is also available
for the majority of pension contracts and when this isn’t possible
we can offer an alternative product from our wider range.
Once employees have made the important decision about what
they want to do with their pension pot at retirement, they want
to get everything arranged quickly and with minimum hassle.
Depending on what they choose to do, employees can request
fulfilment via a secure online form or speak to our specially trained
‘Retirement hub’ staff.
Most people expect to be able to access information and services online.
Using our knowledge and expertise, we’ve designed an intuitive process
giving employers the flexibility and control to administer their scheme online.
It’s broken down into simple steps, with full onscreen instructions.
ACTIVITIES EMPLOYERS CAN COMPLETE ONLINE INCLUDE:
adding members and removing leavers
•
downloading bulk data and reports
•
managing payments
•
•
•
managing funds
viewing policy valuations
viewing contribution history.
•
OPTIONS AT RETIREMENT
Flexible access to your
pension savings*.
Leave it for now.
EMPLOYEES CAN ALSO ACCESS OUR MEMBER ONLINE SERVICES TO:
check their policy details
•
see the policy value
view payments
•
•
change their contact details.
•
view their contribution details
•
£
A tax free cash lump sum
and a taxable guaranteed
income for life – annuity.
Take it all in cash*.
If you’re an adviser, for more information visit scottishwidows.co.uk/servicing
*Subject to tax.
22
23
Being easy to do business with
Being easy to do business with
BULK SWITCHING AND OUR NEW
DEFAULT INVESTMENT STRATEGY
With this in mind we’re updating our default strategy to target
flexible access. This change will take effect during the second
half of 2016.
When Pension Freedoms were introduced in April 2015, to
give our customers more flexibility we updated our lifestyle
options, our Pensions Investment Approaches (PIAs).
Traditionally these have followed a path that targets an
annuity outcome, but now employees have three choices:
Targeting Annuity, Targeting Encashment, or Targeting
Flexible Access when they retire.
In addition to this, we know in the future some of our
employers may wish to change their default strategy.
To meet this demand, we’re developing bulk switching
capability, which will be available to all employers in the
second half of 2016. This will allow us to quickly and easily
process bulk switches with minimum hassle, supporting
our commitment to be easier to do business with.
Our experience shows that many customers really value
the option of flexible access to their pension savings.
OUR TRANSFER PROCESS
FOR TRUSTEE BUYOUT PLANS
We have lots of experience and expertise in managing Trustee
Buyout Plans and will provide dedicated resource to manage
transfers ensuring a smooth transition and making it easy for
Trustees to work with us. For larger value buyouts we will
provide a dedicated project manager.
Administering a legacy trust based scheme can be complex and
time consuming for Trustees, especially given increasing
governance requirements and the introduction of the new Pension
Freedoms. With our Trustee Buyout Plan, Trustees are discharged
from the responsibility of providing retirement benefits and
scheme members gain control of their own funds.
OUR DEDICATED PROJECT MANAGERS WILL:
Produce and
manage a project
plan and transition
timeline
Provide regular
updates and
co-ordinate
activity
Manage out
of market risk
DIGITAL PENSION
TRANSFER SERVICE
The new online service can support employees by:
With employees moving jobs more regularly than ever before,
it’s become increasingly common for them to accumulate
several smaller pension pots. As a result, we’re seeing an
increase in demand from employees who want to transfer
funds held in other defined contribution schemes into their
current Scottish Widows workplace pension.
•
•
Our new Digital Pension Transfer Service is a free service
that helps employees identify if there are any advantages or
disadvantages to consolidating other existing pension pots
into their current workplace pension. It doesn’t offer or
require advice and the decision to transfer is ultimately
up to the employee.
•
•
helping them understand whether they are eligible to use the
service
educating and informing them with regard to the features and
benefits that their previous pension arrangements may have
equipping them with tools to engage with their previous
pension providers, so that they are confident they ask the
right questions and understand the answers
helping them to make an informed decision about whether
transferring is the right thing for them to do and, if they
decide to go ahead, allowing them to complete the process
with clear declarations and a printable summary.
You can find out more information at
scottishwidows.co.uk/pension-transfers
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Keeping our 200 year promise
04
KEEPING OUR
200 YEAR PROMISE
Scottish Widows has been helping people plan their financial futures for over 200 years. And our
values are the same today as they’ve always been – to deliver good outcomes for all of our customers.
THE SCOTTISH WIDOW – AN ICON OF OUR TIME
OUR COMMITMENT AND FINANCIAL STRENGTH
Our Widow has been a household name for decades. And
it’s important for us to continue to engage customers with a
brand that leads the way in the financial industry. In 2014,
we re-launched our brand with a warm and contemporary
new look to communicate in a style that reflects the world
that we live in today.
We’re one of the largest pension providers in the UK.
Corporate pensions are an important part of our business
and we specialise in helping 1.4 million employees save
for their future through a company pension scheme.
Scottish Widows financial strength ratings:
• A2 from Moody’s*
We know that our brand resonates strongly with our customers
and in 2015 Scottish Widows was associated as*:
• A from Standard & Poor’s*
• AA- from Fitch*.
• being the most caring Life Pensions & Investment brand
in the UK
*Moody’s, Standard & Poor’s and Fitch ratings correct
at March 2016.
• having strong moral and ethical values, more so than any
other major Life Pensions & Investment brand
• one of the leading pension providers in the UK which people
would be happy to deal with.
*Source: Hall & Partners Brand Tracking Survey 2015.
4,144 interviews conducted among UK households
(AB,C1,C2), responsible for making financial decisions.
We’ve invested
We’ve committed a further
We had
£100 MILLION
£50 MILLION
£3.5 BILLION
in our corporate pensions
proposition since automatic
enrolment began.
to transform the
customer experience.
free capital at March 2016
for future investments or to
help weather financial storms.
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LIFE FEELS BETTER WHEN YOU HAVE A PLAN
55023 06/16
Scottish Widows Limited. Registered in England and Wales No. 3196171. Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 181655.