Personal Pension  

Aviva Personal Pension is most requested: Capita

Aviva’s Personal Pension and Scottish Life’s (Royal London) Pension Portfolio were the two most selected pension contracts by financial advisers within the last 12 months, data from Capita Financial Software has revealed.

According to the statistics covering 15,000 pieces of personal pensions research by financial advisers, Aviva’s Personal Pension was selected about 16 per cent of the time, while Scottish Life’s (Royal London) Pension Portfolio was selected 12 per cent.

The two products accounted for nearly 30 per cent of the sample.

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Skandia’s Collective Retirement account (initial charge) came third with 7.95 per cent, followed by another Scottish Life plan, The Pension Portfolio.

At the other end of the scale, Sanlam Investments and Pensions’ OneSipp and Friends Life’s Individual Personal Pension both featured near the bottom of the list with a combined 0.05 per cent of cases recommended.

Randeep Gill, research analyst at Capita Financial Software, said: “Although Aviva was the most selected contract, when totalling up company share Scottish Life comes out on top as they came both second and fourth in the rankings making them dominant overall.”

He added that with personal pensions, Capita’s most selected filters are for contracts which allow free switching and which accept transfers in and out.

Mr Gill said: “Also ranking contracts based on their AKG and Moody’s rating is very popular of which Aviva gets an AKG rating of five and Scottish Life four.

“This might hint that advisers are more comfortable with placing their client’s money with financially sound companies and companies with a stronger reputation than smaller companies such as Sanlam.”

The statistics were extrapolated from the ‘Synaptic Insight’ tool which allows providers to monitor the number of selections made by advisers.