Benefits Guru has announced its latest annual Financial Wellness Ratings, benchmarking workplace pension providers.
The ratings assess providers in categories with and without open finance and are designed to help benefit consultants, corporate advisers and employers review products that improve member and employee outcomes and help improve financial wellness and resilience.
Benefits Guru, part of FTRC, said six providers have been awarded an overall gold rating.
Aviva Mercer and Standard Life are among the providers leading the pack, with gold ratings across both rating sets and all products.
Within the Financial Wellness without Open Finance ratings, Aviva, Fidelity, Hargreaves Lansdown, Scottish Widows and Standard Life, all achieved an overall gold rating as they did in 2024, across a number of propositions and subcategories. These include personalised finance education and identifying and addressing vulnerable customers.
Standard Life GFRP and DC Master Trust achieved gold awards in all categories, while Mercer Master Trust improved its overall 2024 rating from silver to gold this year.
The highest number of gold ratings was awarded in two areas: ‘addressing vulnerable customers’ and ‘personalised financial education’, the group said.
Meanwhile, Aviva, Mercer, Scottish Widows, Standard Life and True Potential were benchmarked in the financial wellness with open finance category. Open Finance offers providers the ability to view their clients’ financial data including all monthly savings and expenses.
Aviva, Mercer, Scottish Widows and Standard Life all retained their overall gold awards. True Potential retained its silver rating from last year.
Jason Green, head of workplace research at Benefits Guru, said: “Once again, it’s encouraging to see workplace pension providers continue to invest in and evolve their financial wellness propositions. This year’s ratings highlight real momentum, particularly in areas like personalised financial education and support for addressing vulnerable customers. As careers get shorter and less linear, employees expect flexibility, portability, and tools that link long-term savings with everyday financial goals.
“Providers are meeting these needs going beyond traditional pension offerings by creating more holistic, day-to-day financial wellbeing tools. From offering financial health checks to encouraging better budgeting and short-term saving, the industry is stepping up to help members feel more in control of their finances.”
Green said it was promising to see more providers recognise the importance of tools like ‘Micro Savings’.
“Standard Life and Fidelity’s Gold rating in this area is a standout, and we expect to see continued growth as providers look to support members with real-world goals and managing short-term savings to support financial resilience,” he added.
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