Ratings for workplace and auto enrolment pensions published
10 October 2018
F&TRC has published its annual product and operational ratings for workplace pensions and auto-enrolment providers, designed to help adviser firms in their decision-making process.
The financial research consultancy has awarded each provider with a gold, silver or bronze medal for their overall proposition as well as nine sub-categories.
Those who scored gold across both workplace pensions and auto-enrolment included Aegon Workplace ARC, Aegon Master Trust, Aviva Designer, Aviva MyMoney, Aviva MyMoney Master Trust, Royal London and Scottish Widows, while Salvus Master Trust and Scottish Widows Master Trust were awarded gold for their auto-enrolment proposition.
F&TRC’s workplace pensions ratings and data explores in detail the provider’s entire pension offering, including auto-enrolment process and functionality. By comparison, auto-enrolment ratings focus solely on the quality and functionality of a provider’s offering in that space alone, the firm said.
The sub-categories vary between workplace pensions and auto-enrolment, but include factors such as product offering and administration, investment and fund options and record-keeping and governance among others.
Jason Green, head of workplace research, F&TRC (pictured), said: “As new Auto-Enrolment business is coming to an end, schemes which have been in place for the last six years will have accumulated sizeable assets and will be attractive to other pension providers.
“It is interesting to see how the results cluster various types of workplace pension provider. The granularity of research enables us to identify significant variation in the level of services provided by different types of workplace pension provider with firms operating in the contract-based arena generally delivering richer support services. There is some evidence that where an organisation operates in both the Contract and Master Trust space they make these additional services available for both types of arrangement.”
Green said its ratings were designed to enable advisers and employers to understand the different operational capabilities and product features between all the various propositions on offer.
Defined benefit (DB) transfers remain topical and the Financial Conduct Authority (FCA) continue to find problems in this market....
A recent decision by the FOS to uphold a complaint against Intrinsic Financial Planning highlights several issues with how...
ATEB Consulting’s Steve Bailey looks at what is expected when the latest rules on pensions transfers come in on...