-
Help and guidance for 280,000 charity employees through the Scottish Widows Corporate Pension proposition, including mymoneyworks
-
Employer help and guidance available to meet future Pension Reform obligations
Over 8,400 UK charities could benefit from a new partnership between Scottish Widows, the National Council for Voluntary Organisations (NCVO) and IFA Lucas Fettes. The initiative will help over 280,000 charity workers prepare for their financial futures, as well as potentially saving their employers thousands of pounds in fines due to non-compliance with new pension reform regulations.
Scottish Widows in partnership with NCVO and IFA Lucas Fettes have launched a proposition designed specifically to help charity employees maximise their standard of living in retirement. The proposition is a combination of mymoneyworks, Scottish Widows award-winning financial education and planning website, Scottish Widows Group Personal Pension and a specialist advice service from Lucas Fettes.
With the introduction of new regulations from 2012, Scottish Widows will also help voluntary sector employers meet Pensions Reform obligations, such as auto-enrolment, providing help and guidance on what needs to be done and when. Scottish Widows will deliver support which helps prevent non compliance, and the risk of any associated penalties.
NCVO has a membership of over 8,400 organisations, covering over 280,000 employees. Through the provision of an online microsite, and dedicated help lines, NCVO members can access a wealth of information to assess their ongoing requirements as a result of the Pensions Reforms. Employers who wish to participate in the NCVO Pension Scheme will benefit from a simple application and implementation process.
Pete Glancy, Head of Corporate Pensions Propositions at Scottish Widows, says:
"Between 2012 and 2016 every organisation in the country will be impacted by Pensions Reform legislation. Meeting these new obligations could be both costly and complex. We are delighted to have the opportunity to help the charities sector and we will do absolutely everything we can to reduce the size of the challenge which Pensions Reform presents.
"Whilst Pensions Reform will represent a challenge for many organisations, its goal of increasing retirement saving is one which we very much support. We are keen to play our part in helping the employees of these organisations get the best out of retirement and that's why we've constructed a proposition which is rich in guidance and support and which has considerable flexibility around the point of retirement. Recognising the excellent work which people in this sector do, we're also keeping our charges very low.
"We believe that the arrangement with the NCVO will give smaller organisations in particular the ability to access support and propositions which would normally be available only to larger organisations."
Richard Williams, Director of Enterprise & Development, from NCVO says,
"Creating this unique offering with Scottish Widows and Lucas Fettes provides the best of both worlds for our members. This workplace pensions solution has been designed to add real value to both voluntary sector employers and their employees, combining the latest technologies with competitive pricing and access to financial advice, helping employees consider their financial futures. Many of our members will value the advice and support they can access through this service to enable them to deal effectively with these new regulations."
Mark Brown, Director and Head of Financial Services at Lucas Fettes says,
"Working with NCVO and Scottish Widows, the proposition we have developed will help many people within the charitable sector better understand and make provision for their financial wellbeing. Through the combination of mymoneyworks, and the individual advice available from Lucas Fettes, this is an opportunity to re appraise workplace pensions provision and add real value to employers and their employees. Fundamental to this is the communication, financial education and advice offered as part of the proposition."
|