SCOTTISH WIDOWS | BUSINESS PROFILE


enrolment advice programme for small and medium-sized enterprises is particularly important for Scottish Widows because SMEs represent the company’s heartland. “The big employers were the first to put


these new processes in place,” says Glancy, “We’ve been working with those big employers, seeing what works well and what doesn’t work so well. It means that we can now take all of that best practice and package it up into a simple and straightforward solution for SMEs. We’ve done all of that thinking for them, and can now give them a template that’s good value and compliant with the law.”


INDIVIDUAL GUIDANCE This innovative attitude and creative, problem- solving approach is typical of Scottish Widows. But it isn’t just employers who are served by the company. It also considers the changes facing individuals. “The government’s recent Budget gives people much more freedom,” says Glancy. “There used to be constraints on how much individuals could take out of their pension fund each year. This Budget says that, from the age of 55, people can do anything they like with their pension. I think people will use these new freedoms responsibly, using their pension pot as and when they need it, almost as a long-term savings account.”


This, he says, will help people plot a gradual


journey into retirement. “They might move into a less stressful job, go part-time, or perhaps work


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for six months of the year and holiday for the other six months. From an employer’s perspective, that could mean people working longer on a more flexible basis. We need to help individuals plan their retirement, and encourage employers to consider what their employees will be doing with these new freedoms and flexibilities.” And, again, Scottish Widows is embracing its


role to guide and educate. “In 2010 we launched an award-winning online financial information and guidance service called mymoneyworks,” says Glancy. “We give that to employers when


they take a pension scheme with us, and all their staff have access to it, for free. It’s a wealth of information about personal financial planning and so we are continuing to invest in developing mymoneyworks to ensure that it provides an unparalleled service to employees – especially in the light of the new retirement freedoms.” It shows Scottish Widows’ commitment


to innovation – something that the organisation has, for the past 200 years, recognised as not only good business, but also – simply but crucially – the right thing to do.


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