Phoenix Group introduces in-scheme drawdown and new investment options for DC Master Trust pension clients
Phoenix Group has introduced in-scheme drawdown to its DC Master Trust pension scheme proposition for clients of Standard Life Assurance Limited.
The launch will allow scheme members to access their pension savings from within their scheme, and includes new investment options built on the principles of the investment pathways architecture that is due to be introduced for contract based pension schemes next year.
Phoenix Group, a leading savings and retirement business, has made its growth ambitions in the workplace pension market clear and is supporting the development roadmap for Standard Life Assurance’s workplace pension proposition in 2020 and beyond. More than 150 experts from different teams across Phoenix Group, all of whom have been operating from home during the Covid-19 pandemic, have worked to deliver today’s proposition enhancement in direct response to feedback from scheme members, clients and their advisers.
Jenny Holt, Proposition Director, Phoenix Group, says: “By introducing in-scheme drawdown to the Standard Life DC Master Trust pension scheme proposition, we’re making it simple and easy for pension scheme members to remain within their scheme while accessing their pension savings. We know that it is important to support members with their decision making when accessing their pension savings, which is why we were keen to embrace the principles of the investment pathways architecture and have included new guided digital journeys to support scheme members. We’re delighted to be delivering this enhancement, particularly at this time. Given the challenges that everyone has faced in light of Covid-19, this has been a huge effort and my colleagues should be proud of their achievements.”
The new investment pathways will cater for scheme members who would like help in making their investment decision and will offer four ready-made investment options based on what a scheme member plans to do with their drawdown pot.
In 2019 Phoenix Group also announced an enlarged partnership with leading technology and service provider TCS which will create a single, open architecture, digital operating platform that will be both agile and scalable. This will accelerate the speed to market to meet the future needs of workplace advisers, employers and scheme members.
Working with TCS, Standard Life Assurance Limited will shortly start to introduce enhanced analytics for workplace clients. This will provide schemes with much richer insight, enabling them to segment their membership base and take more targeted action with their scheme members, to help them achieve better outcomes. The enhanced analytics will gradually be made available to clients from September onwards.
Holt adds: “We’ve laid out a clear roadmap for our workplace pension proposition and we’re committed to supporting our clients and to continuing to grow our presence in the Master Trust market. We’re looking forward to sharing news of future developments.”