Scottish Life's Governed Range aims to make choosing and monitoring investments more transparent, by offering well-defined governance controls and lifestyling options at no additional cost.
The Range is based on a robust four-stage process of risk assessment; asset allocation; fund selection; and regular reviews.
This process helps ensure that the investment selection remains appropriate for the client's identified risk profile throughout the lifetime of the plan.
Lorna Blyth, Investment Marketing Manager at Scottish Life, said:
"The Governed Range has been a tremendous success since launch.
"This is particularly true amongst advisers who have recognised the value of the Range in helping fulfil their regulatory obligations to focus on suitability of asset allocation and ongoing advice.
"For the adviser's clients, the Governed Range can provide the additional peace of mind that their pension is being regularly monitored, and amended where necessary, to ensure the investments remain appropriate in relation to market conditions and client requirements.
"The fact that over 70%2 of new individual pensions customers now have a Governed Range pension, which constitutes 6.5% of the entire UK new business market through IFAs, is clear evidence that this approach is much more attractive for many people than the traditional 'one size fits all' managed fund.
"These figures also demonstrate how providers and advisers can work together successfully to deliver effective solutions to the retirement planning needs of the UK's mass affluent market."
