Fidelity Investments is broadening its defined contribution (DC) product range in the UK by adding a Group Stakeholder product from the beginning of December.
The increasing trend towards DC arrangements in the UK is well documented, says Fidelity. Its Group Stakeholder product is designed to meet the requirements of the growing number of employers, who are committed to providing a quality pension arrangement for their staff and are choosing Stakeholder as their preferred approach.
The product offers a wide range of Fidelity funds covering all the major asset classes, together with funds from selected external managers. Stakeholder clients will have access to the same client management and communication support currently enjoyed by Fidelity’s occupational and group personal pension clients. In particular, services will include a streamlined joining process for members plus full on-line access to scheme details and account information.
“Some employers want to focus on their core business rather than benefit provision and therefore find a Stakeholder product more appropriate,” explains Richard Parkin, Director of DC Product Development at Fidelity. “Also with increased employee mobility an individual and portable contract can be more appealing. Our Group Stakeholder product is an important addition to our product range and gives a broader range of clients’ access to Fidelity’s investment and administrative platform. At Fidelity we see the DC market as a key component to the growth of our overall business. Given our leading position in the US market and 10 years experience in the UK market, we are able to fulfil the evolving requirements of DC schemes. Clients and consultants can be assured that we will continue to invest in this business for the longer term. Our Group Stakeholder product offering is just one of a number of new developments we will be bringing to the DC market over coming months.”