Paula Llewellyn: Our partnership reinforces our commitment to help improve the financial wellbeing of scheme members
L&G has launched a new cash savings platform that allows its defined contribution (DC) pension scheme members to access a curated selection of competitive cash savings products.
The provider said the platform – offered through Raisin UK – will aim to offer "value, choice and simplicity" at a time it said when many savers have money sitting in low-interest accounts due to inertia or lack of confidence to switch.
L&G said its research showed that over a fifth (22%) of retirees have taken, or would consider taking, a cash lump sum from their pension in order to move it into a current account or cash ISA for rainy day savings, but many DC members, of all ages, struggle to compare providers – with 80% saying they would value a dedicated cash savings platform to make the process easier.
The firm said the platform would allow eligible members to view savings products from over 40 UK registered banks via L&G's app or website, before they are guided to Raisin UK to complete the process and choose a product that best meets their needs.
It said the service would help members to compare options and benefit from competitive rates as they become available, helping to maximise returns on cash savings.
L&G chief executive of DC and workplace savings Paula Llewellyn said: "Our partnership with Raisin UK reinforces our commitment to working closely with clients to improve the financial wellbeing of their scheme members.
"By offering simple access to competitive savings products, we're helping to remove barriers and build the confidence needed for long‑term planning. Confidence drives action; as employees' needs change, we continue to evolve our support to help them make better choices and secure better retirement outcomes."
Raisin UK chief executive Steven Amos added: "Customers deserve simple access to strong savings options, yet our research shows that many savers are losing out because their money sits in low yielding accounts.
"By working with L&G, we are making it easier for more customers to compare, choose and benefit from competitive rates. L&G is one of the most established names in the sector and we are delighted to partner with them to create a smoother and more rewarding savings experience."
