Standard Life, part of Phoenix Group, has unveiled plans to broaden its workplace savings proposition to employers by offering access to a range of wider savings and investment options in partnership with Cushon.
Cushon, a fintech and award-winning provider of workplace savings products including ISAs, is known for its cutting-edge financial technology, mobile app, and comprehensive product offering.
The Standard Life Workplace Savings Proposition in partnership with Cushon will provide employers with the option of offering their employees access to a range of savings options from Individual Savings Account (ISA) and Lifetime ISA (LISA) to Junior ISA (JISA) and a General Investment Account (GIA).
Reflecting Standard Life’s sustainability strategy and commitments, the workplace individual savings account (WISA) will offer a range of readymade portfolios as well as over 1,000 individual funds from 90 fund managers, with Environmental Social Governance focused options for employees to choose from.
"Developing and launching a workplace ISA for our award-winning DC pensions and savings proposition means that we can provide even greater flexibility for members to save for their short, medium and long-term financial goals. Collaborating with Cushon is an important step in our development roadmap to provide our members with access to wider savings and promote greater financial wellbeing. As a leading provider in this market we will continue to use partnerships to develop compelling solutions for our members."
The digitally-led Cushon products will fully integrate with the Standard Life Workplace member portal and other widely-used employee benefit platforms, including Lifelens. A key feature of the proposition is the digital experience for members, who will benefit from single sign-on access to their Cushon portal as well as having their ISA saving valuations displayed in the Standard Life dashboard and app. This single holistic view of savings can help members make informed decisions about their finances.
With a focus on enhanced customer journeys, Standard Life and Cushon will provide co-branded employee communications. In addition, members will have access to Cushon support materials including webinars and seminars, and a dedicated microsite.Ben Pollard, CEO and co-founder of Cushon, said:
"As a fintech, we use our best-in-class technology to improve the savings habits of UK employees and help them achieve a better financial future. Strategic partnerships are a great way of extending our reach, so we’re really excited to be partnering with Standard Life to bring our digital savings journey and range of products to their customers. We believe that the workplace is the right environment to get employees saving for both their long term and short-term needs and so it’s been great to collaborate and deliver a great end to end digital solution where Standard Life customers can easily view and manage their pensions and savings all in one place."
Towards the end of last year Phoenix Group announced its intention to make significant investments in the recently acquired Standard Life brand and highlighted the importance of the growing workplace market to the organisation.
The Standard Life Workplace Savings Proposition in partnership with Cushon will launch in March 2022 and strengthen Standard Life’s comprehensive Workplace offering which serves circa 35,000 employers and 1.8 million members across a combination of contract, master trust and own trust schemes.