14/07/11
By Andrew Holt
Over 8,400 UK charities could benefit from a new partnership between Scottish Widows, the NCVO and IFA Lucas Fettes.
The initiative aims to help over 280,000 charity workers prepare for their financial futures, as well as potentially saving their employers thousands of pounds in fines due to non-compliance with new pension reform regulations.
The proposition is designed to help charity employees maximise their standard of living in retirement.
It is a combination of mymoneyworks, Scottish Widows' financial education and planning website, Scottish Widows Group Personal Pension and a specialist advice service from Lucas Fettes.
With the introduction of new regulations from 2012, Scottish Widows will also help voluntary sector employers meet Pensions Reform obligations, such as auto-enrolment, providing help and guidance on what needs to be done and when.
Pete Glancy, head of corporate pensions propositions at Scottish Widows, said: “Between 2012 and 2016 every organisation in the country will be impacted by Pensions Reform legislation.
"Meeting these new obligations could be both costly and complex. We are delighted to have the opportunity to help the charities sector and we will do absolutely everything we can to reduce the size of the challenge which Pensions Reform presents."
ACEVO, in its annual report on pensions in the sector, has regulaly stated that pensions reform will represent a challenge for many third sector organisations.
Richard Williams, director of enterprise & development at NCVO, said: “This workplace pensions solution has been designed to add real value to both voluntary sector employers and their employees, combining the latest technologies with competitive pricing and access to financial advice, helping employees consider their financial futures.”
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