HSBC’s Workplace Retirement Services, which offers products and services to the UK corporate pensions market, announced an initiative with Towergate Financial to offer a Group Personal Pension specifically designed for the SME market. It is a simple, cost effective, plug-and-play scheme, which is easy to administer and can be used as an alternative to NEST.

Rob Pearce, Head of Workplace Retirement Services, HSBC, said, “HSBC is committed to helping individuals prepare for their futures and we want to work closely with corporate advisers such as Towergate Financial to help them put in place the right solutions for employers and their employees.

“Many employers and their advisers want to offer a pension which meets and exceeds the minimum standards of NEST. A lot of the focus is on larger schemes, but we have developed with Towergate Financial an ideal proposition that suits the demands of the SME market.”

David Taylor, Managing Director of Towergate Financial, said, “We know that small firms do not feel confident in choosing a pension scheme because of its complicated nature and costs. So we have developed with HSBC a simple and cost effective solution, our ‘Workplace Pension in a Box’, which will enable SMEs to be ahead of the new legislative changes which will also help with their budgetary planning. Acting now is also a positive move for staff who will be reassured that their employer is making plans for their pension provision.”