In 1998, David worked with a firm of strategic consultants to assess the attractiveness of “Workplace Marketing”. The conclusion of this work was that the case for offering a broad range of products was unproven but the case for offering pension products in the workplace was compelling. The recommendation to set up a separate business for Corporate Pensions was considered but in the end the business was built within the existing Life Business.
David headed up the project to build the Corporate Pension business which consisted of:
- A new internet system, which allowed members and corporate administrators to “self-serve” as they set up and administered their pensions
- The ability for companies to have bespoke designs of the screens of the system
- A client service department dedicated to corporate pensions, largely using the same self service system
- A separate educational web-site to allow members to make informed decisions about how much to invest and where to invest it in.
- A dedicated sales force designed to sell the scheme to the company and then the pension to the member.
The system went live for stakeholder pensions in 2000 and over the next two years further products were added. During this time the business underwent unprecedented growth in terms of schemes sold, members added and assets under management. David headed up both the development of the business and its live operations.
David left the corporate pensions business at the end of 2002, when it was decided to reintegrate the business into other parts of the Life Business. This decision was largely reversed a few years later and now the corporate pension business is thriving again, building on the business that David led.