The key developments will focus on five core pillars: engagement, investments, service, charges and governance.
Advisers, employers and customers will see an accelerated period of development over the next 18 months including:
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New suite of next generation digital tools for employers and employees
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An overhaul of the investment fund range to ensure scheme members have access to market leading funds; the transformation of default approaches, including introduction of actively managed portfolios
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A series of operational and service enhancements to support advisers and simplify transactions
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A focus on ensuring a fair deal for existing customers, including a cap on charges for legacy products
Ronnie Taylor, Pensions Director, Scottish Widows, said: “The pensions industry has been shock-absorbing an unprecedented amount of change over the past few years, rightly putting the spotlight on value for money and delivering good outcomes for savers at retirement.
“By investing in an intensive improvement programme focused on Driving Pensions Value, we are streamlining our business to meet the evolving needs of advisers, employers and individuals, concentrating on what really matters to them by removing complexity, and increasing engagement. We’ve already laid the foundations for this work and it will be our singular focus this year.”
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