UK - Axa is targeting the UK group pensions market with a suite of new investment products.
The pensions provider has already invested over £170m in a bid to re-engineer the company in to one that can face the challenges of lower charge stakeholder pensions.
And £40m of this investment has been on new group pensions systems aimed at developing a common operating platform and “much improved” customer service.
Axa has developed software that enables salary details to be taken directly from a company’s payroll system and provides a lifestyle profiling service for members.
Axa will continue to add to its new proposition over the coming months with a series of enhancements – such as a salary exchange calculator which promotes the benefits of exchanging salary for improved employer pension contributions.
Axa head of pensions marketing Steve Folkard said: “Our plan is to grow our share of the UK group pensions market at the expense of those providers who are forced to exit the market, and those left who do not invest in the future.”
The British Medical Association (BMA) has warned chancellor Philip Hammond to reform the NHS pension scheme rules or doctors will reduce their working hours.
The lifetime allowance should be scrapped and replaced with a lower annual allowance, last week's Pensions Buzz respondents said.
Action for Children Pension Fund has outsourced its pensions administration to Trafalgar House.