Called ’My Money’, the new platform can be tailored to individual employer needs through bespoke pricing, proposition and branding options.
Pension charges on the new platform remain broadly similar to existing GPP charges.
Management information available from the platform includes an aggregated scheme overview, an overview of investments held, take up of the default optional full membership profile and online member activity summary which Friends says enables ongoing management of scheme benefits to allow the best return on investment and aids good scheme governance.
The platform enables members to see all their workplace financial benefits in one place, apply for financial products from Friends Life including cash and stocks & shares Isas and other investment accounts. It allows employees to forecast what their savings could be worth in the future and understand the impact of changes to pension contribution levels on future retirement income, set up or amend payments directly from their salary or bank account, view payments and transactions online, switch funds and redirect future payments.
It also allows members to assess their risk profile, track funds and investments and analyse their performance.
The provider says it will assess feedback to the first stage of roll-out before considering adding protection to the offering.
The first employers to sign up to Friends Life’s Corporate Platform are currently being set up, ready to commence in February once initial communications to employees have taken place. Friends expects early adopters to be large employers and those keen to differentiate themselves as employers of choice.
Colin Williams, managing director of corporate benefits at Friends Life says: “Our new platform will challenge the traditional lack of engagement by employees in future financial planning by enabling employers to offer pensions, Isas and investment accounts through an easy to use interactive online service. Employees will gain choice and flexibility over their benefit savings, encouraging self reliance and personal management of financial needs.
Employers will be able to tailor the benefits package they offer to suit their employees, working with advisers to analyse usage and take-up, and create a bespoke offering that is used and appreciated.”
