Personal PensionJul 11 2013

Mystery Shopper: Norwich

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Speed of response: Time of call: 3.20pm. Call answered after two rings 5/5

Telephone manner: Polite and friendly. 5/5

Relevant qualifications: The adviser explained that all advisers had to be qualified to QCF level four to give advice on pensions and investments. 4/5

Payment method: He explained that the initial consultation would be free, and thereafter a fee would be agreed depending on the level of advice sought. 5/5

Guidance given: He confirmed that she does have the option of leaving the pension scheme and advised her to go to the employer to ask how to go about this. But the adviser said that without assessing her personal circumstances he would not be able to tell her whether she would be better in or out of the pension. He recommended that the shopper should think about her main priority: saving for a deposit for a house or putting money away for retirement. 3/5

Knowledge: The adviser explained a little bit about auto-enrolment and pension reforms, but it would have been more helpful if he had gone into more detail. 3/5

Email/web presence: james@k2fs.co.uk www.k2fs.co.uk/ 5/5

Verdict: A well-rounded discussion but a little bit more detail on why the shopper had suddenly found that she was in a pension scheme would have been helpful.

Score: 30

Adviser: Mansbrook Brosche & Co, 31 Prince of Wales Road, Norwich NR1 1BG

Speed of response: Time of call: 3.44pm. Picked up after five rings. 5/5

Telephone manner: Polite.4/5

Relevant qualifications: He explained that from January 1 this year the benchmark qualification for advisers was raised. 3/5

Payment method: He explained that most advisers would offer a free initial meeting. 3/5

Advice given: The shopper was told that she should speak to human resources department at work to see what options there were. Any decision made after that would depend on the employment contract. He explained that he worked for a small firm and it would not take on new clients so it might be better to approach a bigger firm. He also said it might be worth the shopper going to her local bank for general savings advice. 3/5

Knowledge: The adviser was helpful but did not volunteer much information about why the caller had been put into a pension without being consulted. 2/5

Email/web presence: ifa@mansbrookbrosche.co.uk www.mansbrookbrosche.co.uk/ 5/5

Verdict: A fair amount of information was given considering the adviser was not looking for new business.

Score: 25/35

Adviser: Oracle Financial Services, 30 Cattlemarket Street, Norwich NR1 3DY

Speed of response: Time of call: 3:59pm. It took 49 seconds to be put through to an adviser. 2/5

Telephone manner: Very friendly, polite and patient. 5/5

Relevant qualifications: The adviser was qualified to diploma level and could therefore advise on pensions and investments. 5/5

Payment method: He explained that the initial meeting was held at the adviser’s expense. If further advice was given then a fee would be taken but it is difficult to say what that fee would be. 5/5

Guidance given: The adviser said the shopper could opt out of the pension. He asked about the size of her employer’s firm and deduced that it was likely she had been auto-enrolled because of government reforms. He said it was good to start saving as young as possible. 5/5

Knowledge: A good level of knowledge was shown and the adviser explained that if auto-enrolment was in her contract of employment then the employer had the right to put her into the pension without explicitly asking her. 4/5

Email/web presence: james.cushing@oracleonline.co.uk www.oracleonline.co.uk/ 5/5

Verdict: The adviser clearly knew all about auto-enrolment and the shopper felt confident going back to him.

Score: 31/35

Provider: Aviva, 37-43 Surrey Street, Norwich NR1 3UY

Speed of response: Time of call:10.05am. Picked up after two rings. 4/5

Telephone manner: Friendly, patient and helpful. 5/5

Relevant qualifications: The representative said members of Aviva’s pensions helpline team were not qualified to give advice. 1/5

Payment method: The caller was told that if she chose to take advice with the adviser looking after her workplace pension scheme it may not necessarily be free or fully funded by her employer. 3/5

Guidance given: She suggested the shopper should speak to the employer and find out who the pension provider was and call them. Employers complying with auto-enrolment would stage at different times and without the specific scheme details she would not be able to establish whether the shopper had been brought into the pension as a result of the legislation. She explained that Aviva policyholders would be able to cancel their pension within 30 days of receiving the policy documents. The shopper was also told to visit the department for work and pension website for more information on workplace pensions and auto-enrolment. 4/5

Knowledge: The helpline worker’s knowledge of auto-enrolment was good. She clearly explained that under the legislation all employers had to offer a workplace pension to eligible workers over the age of 22. It was explained that the worker would be able to get information on their right to opt out once the policy had been set up. 4/5

Email web/presence: www.aviva.co.uk/pensions-and-retirement 3/5

Verdict: Although the shopper was not able to speak to an adviser, she was really impressed with the information she was given, particularly on auto-enrolment and adviser charging. The facts were clearly conveyed and the shopper had a good idea of what to do next.

Score: 24