Standard Life has revealed it is working with the National Employment Savings Trust to integrate the scheme into its proposition to clients ahead of auto-enrolment.
The provider confirmed it will work alongside NEST to offer the government backed scheme to employers who have sections of the workforce in-line with NEST’s low paid, high turnover target market.
It said the integration of NEST would offer a “seamless” proposition to employers, helping them reduce their workload ahead of auto-enrolment’s roll out next year.
Standard Life corporate relationship director Ian Buchan said: “We are working with NEST to provide the employer with as rich and seamless a proposition as we can. We’re trying to take away the additional resource and workload from the employer and we’re working with NEST to do that, so it’s a sensible approach.”
NEST is due to start taking significant employee numbers next October and will be offered alongside other private sector vehicles to employers who have to enrol new staff into a defined contribution pension.
In August, the government had refused to disclose the full terms of a loan made to NEST due to the information being exempt due to “commercial interests”.
However, Buchan said NEST had never been considered a direct commercial competitor to Standard Life and emphasised products such as the firm’s recently launched master trusts were targeted at a different market.
As first reported on IFAonline's sister title Professional Pensions.
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