The new web-based service, called Gissings Select, takes staff through a risk-profiling process and directs them towards default funds that have been selected by Gissings as well as a range of other approved funds. The offering is only available through Standard Life group pensions. Gissings says this is expected to raise the level of business it transacts through Standard from its current low level, but says it is committed to remaining whole of market.
Gissings Select aims to offer members of group stakeholders and GPPs some of the governance benefits and expertise that trust-based members enjoy. The service includes one presentation a year, two governance packs a year and an ongoing review of investment default funds for a fee of between 0.4 and 0.65 per cent a year where core funds are used. Using some funds off Standard’s platform will take the AMC higher than this figure.
Gissings says the product will incorporate services for decumulation in the future, covering both annuities and third way products. It is currently researching a strategic tie with an annuity supermarket to facilitate this.