Salvus signs its first customer up to Retirement Bridge
Salvus, the leading master trust and part of Goddard Perry, has signed up Schneider Electric as the first customer for its recently launched decumulation product SALVUS Retirement Bridge.
SALVUS Retirement Bridge was developed in response to growing calls by the DWP for viable options for consumers approaching or at retirement. The product works by giving customers much greater control over withdrawals than existing products on the market, while still being underpinned by the Salvus brand.
Schneider, a global specialist in energy management and automation, made the decision to sign up to SALVUS Retirement Bridge following a rigorous review undertaken by the company. This was based on a set of criteria including usability, value for money and compatibility with the firm’s existing pension scheme arrangements.
SALVUS Retirement Bridge allows members to choose between taking their pension fund as a cash sum, buying an annuity or considering a comprehensive range of drawdown options. These include ‘Drawbridge’ which is designed to provide a sustainable regular income to age 75, and ‘Suspension bridge’, a deferred drawdown option. SALVUS provides an end to end process allowing the member to actually “buy” in a non-advised environment.
As one of the first offerings from the Master Trust market, SALVUS Retirement Bridge also provides a straight-through processing system whereby the user can select any of these options independently and thus begin the process of withdrawal without the need for advice including client specific discharge forms. While this is automated, SALVUS Retirement Bridge has built-in tripwires which allow it to flag up inconsistencies and contact the user to re-confirm their selected choice. Users also have the option to contact a dedicated helpline to answer any queries.
Steve Goddard, Managing Director of Goddard Perry, commented:
“We are very pleased to have been selected by such a respected firm as Schneider Electric. There is currently a paucity of at-retirement options on the market, and the DWP has been vocal in calling for more solutions and innovation especially from Master Trusts. With SALVUS Retirement Bridge we can help Employers engage with their employees and educate them to ensure they are on track to meet their goals”.
Jerry Gandhi, Pensions Manager, UK and Ireland, at Schneider Electric (and former COO of NOW: Pensions) added:
“It was vital for us to find a provider who shared our vision for delivery of quality pension solutions for our employees. Salvus’s Retirement Bridge was the obvious candidate for us as a result of its usability, flexible approach to pensions as well as its ability to give employees overall control over their pots in a slick, fully online process. The product combines the best of all worlds, and its lite-touch model, which is underpinned by such a well-respected brand as Salvus, aligns well with our business as we increasingly move to operate in the online space.”