Axa and Scottish Life have launched initiatives to improve the take-up of group pensions arrangement...
Axa and Scottish Life have launched initiatives to improve the take-up of group pensions arrangements.
The Axa proposition, Easy Apply, is a facility that simplifies the pension application process for employees by reducing the length of the application form from 12 pages to one.
Additional information is provided by the employer and sent to Axa. Following the initial application, employees are given a quotation and more detailed information to enable them to make a final decision on joining.
If an employee agrees to join Axa's group pension scheme, the employer will complete an authorisation form so Axa can start collecting contributions.
The Scottish Life process allows employees to joins its Retirement Solutions Group Personal Pension or Group Stakeholder Plan without having to complete an application form.
Called Streamlined Joining, the process works by setting up everyone who wishes to join the scheme on the basis of default choices of investment funds, for example, which are provided by the employer and its adviser. All the employee has to do is say yes or no to the scheme. After this, scheme members can change from the default options to their own individual instructions.
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