Scottish Widows is to run the British Dental Association's stakeholder scheme after beating off fierce competition from three other leading providers.
The scheme will be open to approximately 11,000 association members with over 35,000 employees throughout the UK.
Scottish Widows said the scheme will provide access to a choice of 14 Scottish Widows funds and a range of external funds from Newton Fund Managers, Merrill Lynch Investment Managers and Schroder Investment Management.
The default fund is Scottish Widows’ passive-based Consensus Fund which invests in a balanced portfolio of UK and overseas ordinary shares, fixed interest, index-linked stocks and cash deposits.
The asset allocation is based on the average percentage amount invested in each class by the UK’s major investment managers.
The insurer said the fund aims to achieve long term, consistent outperformance, against other funds in the sector.
Scottish Widows senior manager of corporate business Mark Wareing said: “Scottish Widows is committed to providing a first class service for BDA members both in terms of delivering a quality administration package as well as providing access to a comprehensive range of investment funds all within the constraints of the single annual management charge.”
British Dental Association chief executive Ian Wylie said: “We believe that the bespoke BDA Stakeholder Plan from Scottish Widows will offer our members and their staff access to a low-cost, flexible pension product with a transparent charging structure. In addition, we are pleased to have secured such a quality brand and one that will also provide the support and guidance necessary for our members.”
The appointment follows its appointment to run the National Pharmaceutical Association stakeholder scheme in March. The insurer has also reached the beauty parade stage for two further stakeholder schemes which, it said, it is confident of winning.
By James Wallace
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