Widows says the new product suite will enable it to compete for the very largest schemes, as well as enabling intermediaries to build bespoke client investments or offer ready-made solutions for a wide range of scheme sizes.
The launch follows the completion today of the first phase of the transfer of Zurich’s UK workplace pensions and savings business, Zurich Corporate Savings, to the provider.
The enhancements include a master trust, group Sipp, general investment account, stocks and shares Isa, occupational money purchase, investment only solutions for unbundled arrangements and a workplace pensions and savings platform.
Scottish Widows announced the acquisition of Zurich Corporate Savings in October 2017. The Zurich workplace investment products transferred today (3 April) and are re-branded Scottish Widows. Around 200 Zurich employees also transferred today via a TUPE arrangement, with former Zurich Corporate Savings head of distribution Andy Seed taking the role of head of partnerships at Widows.
Completion and transfer of the remaining assets will follow thereafter, following the required regulatory and legal approvals.
Scottish Widows distribution director Jackie Leiper says: “Our goal is to create the market-leading UK retirement savings business. Today’s launch is an important step in that journey and supports intermediaries with products to meet a wide range of workplace client needs, from bespoke investments to ready-made solutions. It also broadens our appeal for large employers, enabling us to offer solutions for even the biggest schemes in the market.
“The integration of Zurich’s workplace business gives us a proposition, platform and team of experts to allow us to hit the ground running.”
Seed says: “We are excited to have joined Scottish Widows. Our deep knowledge and expertise in the large and complex workplace savings arena, coupled with the ambition and drive of the group, will move the business forward at pace and deliver market-leading products to our customers.”