Automatic enrolment 

Workplace pensions: the good, the bad and the not-rated

Workplace pensions: the good, the bad and the not-rated

Providers’ workplace pension products have been put to the test by financial research consultants F&TRC.

In its latest annual report F&TRC looked at workplace pensions and auto enrolment products in 2017, awarding each participating provider a ranking from gold to bronze.

The consultants scored both providers’ overall proposition and auto enrolment functionality, as well as their performance in nine sub-categories from product charges to education.

Aegon, Aviva, Royal London and Scottish Widows emerged top in both the workplace pensions and auto enrolment categories, while Salvus Master Trust was also awarded gold for its auto enrolment offering.

 

Workplace Pensions

 

Auto-Enrolment

 

GOLD

Aegon

Aviva- Designer

Aviva– MyMoney

Royal London

Scottish Widows

Aegon

Aviva- Designer

Royal London

Salvus Master Trust

Scottish Widows

SILVER

Salvus Master Trust

Zurich

Aviva- MyMoney

NOW:Pensions

BRONZE

NEST

NOW:Pensions

The People’s Pension

NEST

The People’s Pension

Zurich

Asked to be not rated

Legal & General

Standard Life

Legal & General

Standard Life

In the sub categories Scottish Widows, Royal London and Aegon fared best, scoring 9, 7 and 5 top marks respectively for their workplace offerings and 7, 8 and 7 golds for their auto enrolment products.

Jason Green, head of workplace research at F&TRC, said: “Selecting the right workplace pension scheme is a decision which can impact an employee’s financial wellbeing for decades and the choice can be overwhelming. 

“Different pension providers have different strengths, some offer budget services, with others offering more comprehensive solutions. We have created these ratings to help employers and advisers make the right decisions.”

 

AEGON Workplace ARC

AVIVA Designer

AVIVA MyMoney

NEST

NOW Pensions

Royal London

Salvus Master Trust

Scottish Widows

The People's Pension

Zurich

Overall Workplace Pensions award

GOLD

GOLD

GOLD

BRONZE

BRONZE

GOLD

SILVER

GOLD

BRONZE

SILVER

Workplace Pensions - number of gold out of nine

5

3

5

0

1

7

2

9

1

3

 

          

Overall Auto-Enrolment award

GOLD

GOLD

SILVER

BRONZE

SILVER

GOLD

GOLD

GOLD

BRONZE

BRONZE

Auto-Enrolment -  number of gold out of nine

7

4

4

0

0

8

7

7

2

2

 

 

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