Pensions  

Slowest and fastest providers to release funds revealed

The Pensions Trust, now called TPT Retirement Solutions, has disputed the findings and data used.

A spokesman for TPT Retirement Solutions said: "We simply don't recognise any of these numbers and believe this information is severely flawed – but we have not been given the opportunity to review the data or survey size on which it is based.

"We manage benefits for over 300,000 members and survey them via an independent third party - overall satisfaction including speed of service has recently scored over 90 per cent.

"We have very few members who purchase lifetime annuities at retirement and of course where a transfer is paid we will not know whether that individual has subsequently purchased a lifetime annuity. In the last quarter over 99 per cent of all payments were settled within 5 days of request."

Provider

Days more than Sanlam

Average Cost

Xafinity

62

£597.68

JLT Benefit Solutions

54

£520.56

The Pensions Trust

51

£491.64

Capita

37

£356.68

Towers Watson

31

£298.84

Countrywide Assured

24

£231.36

Reliance Mutual

23

£221.72

Zurich

20

£192.80

Builder & Civil Engineering

19

£183.16

Fidelity

17

£163.88

Royal London

16

£154.24

Aegon

16

£154.24

Just

15

£144.60

Wesleyan

13

£125.32

Equitable Life

13

£125.32

Phoenix

13

£125.32

Prudential

13

£125.32

Virgin

12

£115.68

Friends Life

12

£115.68

Reassure

11

£106.04

Hargreaves Lansdown

11

£106.04

Liverpool Victoria

11

£106.04

Black Rock

11

£106.04

Aviva

10

£96.40

Legal & General

10

£96.40

Abbey Life

9

£86.76

Clerical Medical

8

£77.12

Standard Life

7

£67.48

Scottish Widows

7

£67.48

Old Mutual Wealth

7

£67.48

Sun Life Financial of Canada

5

£48.20

Canada Life

2

£19.28

Sanlam

-

£0.00

Venilia Batista Amorim is a freelance writer for FTAdviser