Personal Pension  

‘Create an AE standard to help employers’: ScotWids

Speaking at a National Employment Savings Trust conference in Leeds, in association with Financial Adviser, Lynn Graves answered questions about what needed to be developed to make auto enrolment a success and responded that one of the biggest challenges - and necessities - is to incorporate standardisation throughout the marketplace.

To date she said that providers have been getting their heads down to produce the best possible solutions, without carefully contemplating whether diverse products and practices are confusing employers and the advisory community.

Ms Graves accepted that more must be done to raise communication levels between providers as to not hinder what was initially supposed to be a simple and easy to understand measure to get people saving into a pension.

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She said: “Standardisation in the market has been very tricky. We’ve all been developing our tools in isolation and definitely need to integrate more.”

Ms Graves also added that Scottish Widows has been working on solutions to better streamline and simplify its products for easier day to day use.

She added: “In terms of our solution we have looked on how to build on it. We are trying to streamline and simplify things as much as possible. Capacity is going to be a challenge and we need to make our business as streamlined as possible.”