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Important note:
The information in this Media section is intended for use by journalists only and customers should not use it to make financial decisions. Please remember that information in past press releases may no longer be current.
The information in this Media section is intended for use by journalists only and customers should not use it to make financial decisions. Please remember that information in past press releases may no longer be current.
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News
25 February 2010
Friends Provident enters new pension partnership with Babcock International
Babcock International Group Plc, the UK wide support services group, has selected Friends Provident to administer a single defined contribution pension scheme for its employees who do not have access to its existing DB schemes.
This new pension structure will merge the existing unbundled DC schemes and contract based schemes into one consolidated arrangement for the UK wide Group.
Friends Provident was appointed to provide the trust-based scheme following an extensive review and consultation process by Babcock encompassing a short-list of 19 potential providers.
All new employees plus those who are members of the existing DC schemes across the Group are being transferred into this new arrangement provided by FP that now has almost 5000 members.
As part of the new design, Friends Provident has established risk rated, blended funds for Babcock employees enabling changes to be made to the underlying construction of the funds as and when appropriate. These bespoke funds not only offer a more straight-forward fund choice for members but also greater flexibility for employers and advisers. In addition to this Friends Provident offers online access to a further carefully selected range of funds.
Russell Welsh, head of corporate pensions sales for Friends Provident commented:
"This strategic partnership marks the beginning of a new integrated pension platform for Babcock International. As part of this members of the scheme will now be able to model their retirement plans through a range of funds, which can be accessed online. We are pleased to be able to support Babcock in consolidating its defined contribution pension arrangements and offering employees an easy to use a straightforward fund choice that meets their investment needs. We look forward to developing our flexible offering in line with Babock’s evolving needs."
Andrew Birkett, Group Pensions Manager at Babcock International said:
"As a result of a number of acquisitions, the Group was running over a dozen different DC schemes. The Group has a long established history of occupational pension provision and we wanted to consolidate all of them into one of our existing Trust based schemes which would offer our members some quality investment options at very competitive prices. We also wanted access on line with the ability for our members to be able to switch existing funds or their future contributions easily. We achieved this with the help and flexibility of Friends Provident to shape the scheme to be one that meets our future needs."
- Ends -
Journalists requiring further information should contact:
| Contact name | Company | Contact number |
|---|---|---|
| Emma Wylie | Friends Provident | 0845 268 4909 |
| Keith Nolan | Friends Provident | 0845 641 7835 |
Ref: K011
Notes to Editors
About Friends Provident:
Friends Provident was originally founded in 1832 to alleviate the hardship of Quaker families facing misfortune. Friends Provident's strategy today is to operate in markets where it can deploy its award-winning strengths in technology and service to gain competitive advantage. Since its demutualisation in 2001, Friends Provident has developed strong offerings in pensions and protection to complement its historic With Profits business, and now prioritises international growth. Friends Provident is fully committed to the principles of the FSA initiative 'Treating Customers Fairly'.
Friends Provident distributes its products through intermediaries in the UK and around the world. Its key business lines in the UK are protection and corporate pensions. Friends Provident International develops competitive savings, investment and pensions products for a broad and diverse range of markets including Hong Kong, the United Arab Emirates and Germany.
Friends Provident wholly owns the Luxembourg-based company Lombard, a leading pan-European life assurance company which specialises in the use of life assurance as a wealth management solution for high net-worth investors, and Sesame Bankhall Group, a leading UK supplier of intermediary support services to financial advisers providing services to over 7,500 financial advisers across the UK offering life assurance, mortgages and savings arrangements.
Since 5 November 2009 Friends Provident has been part of the Resolution group of companies.
About Friends Provident Pensions Business:
The Friends Provident pension business offers a comprehensive range of defined contribution products for individual customers and corporate clients.
Friends Provident has been one of the market leaders in the development of online pension administration services. Our award-winning e-commerce systems provide the very best in service for customer and adviser.
Our investment solutions include 4 risk graded funds of funds and a choice of high quality funds from external asset management groups.
For more information on Friends Provident including, images, awards, fast facts, presentations, and media contacts please visit the media section at www.friendsprovident.com/media
Important
- This news service is for information purposes only and does not provide any form of advice, recommendation or financial promotion. Any opinions expressed by third parties are those of the third party concerned and not of Friends Provident. Friends Provident does not accept liability for any errors or omissions or for loss incurred because of reliance on information or opinions given.
- The content of the news items set out above are accurate only as of the date of issue and Friends Provident does not undertake any obligation to update them.