Money being channelled through an insurer's platform into external funds under auto-enrolment (AE) could put members' pensions at risk if the fund provider went bust, Standard Life has warned.
The life and pensions firm raised concerns that insurers cannot underwrite the billions of pounds of AE money being invested into external fund links, and has already turned down companies who wish to use certain large funds as default options. Standard Life head of workplace strategy Jamie Jenkins (pictured) said he is concerned about the structure of certain funds, such life insurance vehicles, with between £100,000 and £3bn under management where members do not own the underlying units and the assets are not ring-fenced. Jenkins said: "For some time we have stopped new schemes goin...
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