Personal Pension  

Aviva tops charts for adviser pension choice

Data from technology provider Capita Financial Software revealed that Aviva’s Personal Pension product was chosen 16 per cent of the time on the firm’s system over the last year, followed by Scottish Life’s Pension Portfolio at 12 per cent of the time.

Skandia was the third most popular choice for pensions, with its Collective Retirement Account picked 7.95 per cent of the time, while Scottish Life also took the fourth spot, at 7.5 per cent, with its Pension Portfolio with Financial Adviser’s Fee product.

The least popular choices for pension advisers were Sanlam’s Investments and Pensions OneSipp and Friends Life’s Individual Personal Pension, which were selected in a combined total of 0.05 per cent of cases across the year.

Article continues after advert

Randeep Gill, research analyst for CFS, said Scottish Life was the most in-demand provider for pensions overall when totting up its share of the market.

He said: “Although Aviva was the most selected contract, when totalling up company share Scottish Life comes out on top as it came both second and fourth in the rankings making it dominant overall. The stats cover part of the pre-RDR period, which favoured Scottish Life somewhat as its financial adviser’s fee option was popular.”

He added that advisers looked for free switching, the ability to transfer and rating agencies’ verdicts on the companies when selecting a pension.

The statistics were taken from the Synaptic Insight tool, which lets providers monitor the number of selections made by advisers. It also narrows down the research to the frequency a certain feature is selected, the average case value per piece of research, the funds selected, among other product-specific criteria.

Adviser comment:
Colin Rodger, managing director of Glasgow-based Alexander Sloan Financial Planning, said: “Most pensions are open architecture and unit-linked so the credit rating would not be a primary concern to me. I look at charges, the range of funds that are available and flexibility. I am very surprised that Standard life and Aegon do not feature more highly and, if this data looks at pre-RDR business, it may be out-of-date already.”