FT Adviser (22/08/2019) – Scottish Widows has backtracked on removing a function that allows clients to see what underlying funds their pension scheme is invested in.
The provider had removed the function in an update to its pension investment portal after several clients told it this level of information was not needed.
But FTAdviser understands it has now re-instated the it after receiving several complaints from clients who valued the information.
Scottish Widows said work was currently underway to add the feature back in, with the functionality expected to be live in mid-October.
Alan Chan, director and chartered financial planner at IFS Wealth & Pensions, said: “It s best to engage with clients to see exactly what they want to see and don’t want to see as this will now cost Scottish Widows time and money to rectify.
“I think that it is the right move to bring back information on the underlying funds and this encourages transparency and for clients to be more engaged with their pension. Also any fund information is fundamental.”
Full article link: https://www.ftadviser.com/pensions/2019/08/22/provider-caves-to-client-pressure-on-pension-transparency/
