- Award winning Master Trust extended to employers and trustees of Single Employer Own Trust Schemes
- Opportunity for Own Trust scheme members to access Income drawdown with benefit of trustee oversight
- Standard Life market entry extends ‘At Retirement’ Master Trust market options for employers and trustees
Standard Life has extended its award-winning Master Trust proposition, launching a Retirement Section for employers and trustees of Single Employer Defined Contribution Own Trust schemes.
With the ‘At Retirement’ market offering limited choice, this move by Standard Life signals the opening up of Master Trust as an option for the many employers currently offering Own Trust arrangements. It specifically addresses concerns surrounding the level of regulation and compliance required when offering in-scheme drawdown at retirement, by reducing the regulatory burden on trustees of these schemes while ensuring its members continue to have the reassurance of trustee oversight within the Master Trust arrangement.
Commenting on the launch of its Master Trust Retirement Section, Donna Walsh, Head of Master Trust at Standard Life said: “Our new proposition opens access to the associated benefits of Master Trust arrangements and provides a win all-round to employers, trustees and most importantly members currently within Own Trust schemes.
“Employers have considerable responsibility in running their businesses without having to contend with increasing and complex governance and a tightening compliance regime. Our research suggests very few Own Trust schemes offer drawdown arrangements, as the cost and liability make this prohibitive. Our new solution helps eliminate this burden, in a cost-effective way, with the reassurance of oversight from independent trustees of our Master Trust. Consequently, we are seeing an increase in demand for this solution amongst employers and trustees and entering this market signals our ongoing commitment and investment in our Master Trust proposition.”
- Governance: independent governance reducing burden on Single Employer Own Trust trustees
- Facilitating flexible retirement options: access to a wider choice of ‘at retirement’ solutions, mainly income drawdown, for employees without related costs and governance requirements on trustees
- Insights: tailored scheme governance reporting with overview of member activity
- Commercial terms and costs: anticipated lower costs for members compared to open market drawdown options, as costs are spread across the Master Trust
- Digital First access: member access made easy through digital first onboarding with ongoing communication, engagement and guidance undertaken by Standard Life
- Expert telephony support: access to experienced telephony guidance team helping members make informed retirement decisions
- Manage your pension on the go: members can manage their plan on the go through Standard Life’s highly rated mobile app with transactional capability
- Investment pathways: members can access the four individual investment pathways which allows them to select a solution that meets their retirement and income needs - plus the scheme also offers access to 25 self-select funds from a variety of asset managers
The Master Trust Retirement Section is available to members through their employer scheme when offered as a pension scheme option at retirement.
About Standard Life
Standard Life is a brand that has been trusted to look after peoples’ life savings for nearly 200 years
Today it proudly serves millions of customers who come to Standard Life directly, through advisers and through their employers’ pension scheme. Standard Life is part of Phoenix Group, the largest long-term savings and retirement business in the UK. We’re proud to be building on nearly 200 years of Standard Life heritage together
Our products include a variety of Pensions, Bonds and Retirement options to suit people’s needs, helping our customers to invest and save for their future. We’re proud to offer a leading range of sustainable and responsible investment options.
We support our customers on their journey to and through retirement with comprehensive, easy-to-understand guidance so they can invest in the right way for their needs and plan a future they feel confident about.
The value of investments can go down as well as up and may be worth less than originally invested.