Punter Southall Aspire has launched a savings platform that gives employees real-time feeds to all their financial products and offers employers a master trust solution to meet their auto-enrolment obligations.
The proposition, called Next Generation Savings, has been designed to address employees’ lack of understanding of pensions and challenge their apathy towards long term saving.
Employees get access to ‘myAspire.com’ where they can view mortgage, pensions, bank accounts, savings and other financial product data through a single portal. The service offers digital tools that give employees to get a clear picture of their financial situation now and the impact of saving more, as well as multi-media financial education and communications.
The new multi-employer occupational pension scheme is called the Aspire Savings Trust and includes a master trust solution which was launched by Punter Southall Aspire in 2016 to offer companies a simple and cost-effective way to manage their DB AVCs.
Punter Southall Aspire CEO Steve Butler says: “The vision for Next Generation Savings has come from speaking to hundreds of HR directors, benefits directors and CEOs who are all desperate to get their staff more engaged in pensions. They have tried everything and nothing has worked. Now with auto-enrolment contributions rising in April, they need a solution urgently.
“A key barrier that has prevented employees from saving more into pensions is they have been unable to visualise the difference that savings would make.”
“Next Generation Savings has changed this. People will see not just how much their pension is worth, but their whole financial universe including the value of their house, their bank accounts, investments, other savings accounts, and the implications for them, every time they make a decision to save.”
“When they log into myAspire and use our tools, they’ll understand exactly how much money they have spare for pensions, how they can adjust their finances to save more, and what their life will be like in retirement, if they save an extra £50, £100 or £300 a month today. It is designed to change behaviour.”
