Logica selects Standard Life for Savings and Retirement Programme
Logica, a business and technology service company, has appointed Standard Life to develop a Savings and Retirement Programme for employees based in the UK, starting with the launch of a new Group Self Invested Personal Pension (GSIPP) proposition.
Logica currently operates one of the highest profile defined contribution (DC) pension schemes in the UK, with some 8,000 members, 3,300 of whom are active employees.
Standard Life was appointed to provide the Savings and Retirement Programme following a comprehensive review of existing arrangements by Logica and their advisers, including both final salary (DB) and DC schemes currently in place. The Logica Savings and Retirement Programme is currently being launched through a comprehensive communications programme across the UK, with 5,300 employees eligible to join from May 2010.
Employees can choose to maintain pension scheme investment strategies similar to those currently available, to simplify the initial transition to the new plan, or they can choose from a wide range of investment funds via the Group SIPP proposition. Standard Life Investments Global Absolute Return Strategies Fund forms a core aspect of the new Lifestyle funds.
Andrew Dickson, Senior Business Development Manager, Standard Life Corporate Solutions said: "Standard Life has a competitive edge in the corporate benefits and pensions market which has been acknowledged by Logica. The Savings and Retirement Programme will deliver a blend of innovation, service and quality which matches the requirement of Logica to introduce a cost effective, flexible and compelling benefits programme to employees. Logica looked for a provider who can provide the right level of support to employees from entry to the programme through to retirement.
"The corporate benefits market in the UK is rapidly evolving, with employers looking for innovative solutions to engage with employees and deliver value to shareholders. We will continue to invest in our propositions and design solutions to meet the demand from employers for integrated employee wealth and benefit plans."
Dennis Bell, Manager UK Compensation and Benefits, Logica UK said: "Logica is keen to develop a flexible approach to pension provision which will attract participation of our younger employees through greater integration of pensions with our flexible benefits and home purchase programmes. Using Standard Life's experience and future development proposals, we want to bring pensions to life by enabling the variation of contribution levels on an annual basis alongside flexible benefit spend decisions for the coming year. We are also keen to increase support to our employees with respect to investment and retirement planning through regular education opportunities provided by Standard Life's communication and education team."