Goddard Perry enters low-cost auto-enrolment market
Corporate consultancy Goddard Perry has launched an auto-enrolment workplace pension scheme designed to offer a cost effective alternative to Nest, Steve Goddard has announced.
The managing director for Goddard Perry Consulting, which administers more than £2bn of defined contribution and defined benefit schemes, said its new Salvus Master Trust had been specifically designed to capitalise on auto-enrolment opportunities, with a charging structure from 0.3 per cent to 0.5 per cent per year.
Mr Goddard added that the scheme, which is run in conjunction with third party administrators HS Admin and pension law specialists Blake Lapthorn Pension Trustees Limited, allowed simplified administration for joiners, reduced administration for employers, and offered the provision for refunds of contributions paid in the early years of a scheme.
He said the refund option in particular could prove invaluable for employers, especially those with a high turnover of staff, and set the scheme apart from the government backed National Employment Savings Trust, group personal pensions and group stakeholder schemes, adding: “We are talking to many of the employee benefit consultancies and they are keen to see competitive charges, investment choice and flexibility in the auto-enrolment arena.
“They and the Pension Regulator also want good outcomes for members. We are also seeing an increase in the number of insurers who are now declining auto-enrolment enquiries, especially in the group personal pension space and this is an area that Salvus can fill.”