The UK's Engineering Construction Industry has appointed Scottish Widows as its stakeholder provider.
The plan - which will be made available through the Engineering Construction Industry Association (ECIA) - will cover all 300 member companies with more than 50,000 employees, and is one of the first stakeholders to have employer contributions.
Commenting on the appointment, ECIA’s chief executive Brenig Williams said: “We believe that the stakeholder plan from Scottish Widows will offer members of our industry scheme access to value-for-money pension product which has a transparent charging structure.”
Scottish Widows - which beat four undisclosed, shortlisted candidates - will provide access to 14 Scottish Widows funds and a number of external funds handled by Newton Fund Managers, Merrill Lynch Investment Managers and Schroder Investment Management.
By Madhu Kalia
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