Sanlam U.K. hired PTL to assess the value of new decumulation strategies for its workplace defined contribution plan, a spokeswoman confirmed.
PTL will evaluate — new in the U.K. market — investment strategies for plan participants who are choosing non-advised drawdown. Non-advised drawdown is a new decumulation strategy, permitted under the Financial Conduct Authority's latest regulation, which will become available in February 2021.
Defined contribution providers were set to introduce to the U.K. market starting Aug. 1 new decumulation strategies aimed at participants looking to draw down their retirement savings. But the FCA delayed the new rules due to disruptions from the coronavirus to give providers more time to improve strategies.
"We chose PTL because of their proven expertise in value-for-money assessment and unparalleled track record," said Nick Parry, CEO of investments and pensions at Sanlam, in a news release.
The size and the name of the DC plan could not be learned.