The future of group pension provision.

27/01/2010

Introducing our WorkSave Pension Plan, a flexible, future-proof pension product to satisfy the needs of you and your employees.

We’ve seen how the market’s changing. And we’ve listened to what our clients want. We know that there’s an increasing demand for an open architecture GPP product for a large number of companies who wish to offer something more than a GPP, but aren’t ready to offer all their staff a full self invested pension.

We also know the value of future-proofing company pension schemes. Which is why it was important to us that the basis of our WorkSave Pension Plan lay in our existing market leading Group SIPP.

The WorkSave Pension Plan, provides you with extra flexibility in offering different employee segments a different investment option, within the same pension scheme for the whole company.

We’ve made some enhancements to our existing Group Portfolio Plus Self Invested Personal Pension, which we believe will make our product even more competitive.

In addition to changing the name to WorkSave Pension Plan, we now give you the option of whether or not to offer self-investment to employees. This flexibility allows you to set up a scheme with two investment options, one with self-investment and one without, for the differing employee populations within a company.

Put simply, it’s an evolution of our existing award winning Group SIPP product that now gives the following options:

• Insured funds only (without access to self investment; a GPP alternative)
• Insured funds with self investment (GSIPP)
• Self investment (with access to the insured fund range, but no requirement for this before self investment)

Employers can choose which parts they make available to each category of employee.

We now also provide the ability to offer family membership with the WorkSave Pension Plan, under the same terms as the company scheme.

In addition to the WorkSave Pension Plan, we also offer a WorkSave ISA for employers looking to offer staff alternative pension and savings solutions.

The WorkSave Pension Plan is a single product that satisfies a number of needs. Now those employers looking to launch a GPP and those wishing to offer a plan where some form of self-investment is available could use the WorkSave Pension Plan to fulfil their requirements.

As the employer has the option to choose which investments are available across the full employee base, they can use the product to provide two pension solutions within one scheme.

For example, a company wishing to offer the bulk of their staff a GPP style product, whilst giving the executives a GSIPP style pension plan could use the flexible nature of the WorkSave Pension Plan to satisfy this requirement:

• The majority of the population would be offered an insured only WorkSave Pension Plan. They would have access to over 300 insured funds, but would not have the option to self invest.
• The executive population would be offered the WorkSave Pension Plan insured arrangement (with the same insured fund access), with the additional option to self invest. This could also include share contributions if appropriate.

It is this flexibility that we feel sets the WorkSave Pension Plan apart from many other pension products on the market at this time.

For more information about our WorkSave Pension Plan, or any of our group pensions or savings products, contact Neil Kempshall, Head of Corporate Sales at neil.kempshall@landg.com.

The value of investments can fall as well as rise and is not guaranteed. Please remember that investments in pension products are tied up until benefits are taken.