Scottish Widows updates corporate pensions

Scottish Widows updates corporate pensions

Scottish Widows has added two new enhancements to its corporate pensions packages to give financial advisers and employers more flexibility in adjusting pension schemes to meet individuals’ needs.

The Salary Exchange tool enables advisers and employers to calculate different ways to take advantage of National Insurance savings resulting from salary exchange agreements.

The second enhancement, the Self Investment Option, gives members of company pension schemes more investment choice and control in managing their pension.

It enables share dealing, and the roll over of shares from save as you earn schemes. Members can also transfer non-monetary assets.

John Taylor, corporate pensions market director, said: “Our Corporate Pensions customers require a greater degree of customisation from their provider, and our Self Investment Option can be tailored to meet their needs exactly.”

He added: “In the current economic climate, Salary Exchange can be a cost-saving option for both employers and employees.

“It allows employees to save towards their pension with little impact on their take-home salary, which should provide that extra incentive to save.”

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