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Best and worst workplace pension schemes named

Best and worst workplace pension schemes named

The People’s Pension – the second biggest master trust in the market - has come out last in a ranking of workplace pension and auto-enrolment providers.

In the annual rankings from financial research consultants the Finance Technology Research Centre, out today (September 11), The People’s Pension received a bronze medal for its product, while Aegon, Aviva, Royal London and Scottish Widows saw some of their offering branded with a gold standard.

The rankings compared the products based on a survey of 4,500 questions put to the providers.

The providers were also analysed according to nine categories, which included at retirement options and product offering and administration, and reflected the areas advisers saw as most important when comparing workplace pension products.

Gregg McClymont, director of policy at The People’s Pension, said: “We have read the report and note its audience is purely financial advisers.

“As the biggest private sector master trust in the UK, The People’s Pension prides itself on the quality of service offered to all our 4.5m members.

“Our recent master trust authorisation, along with our numerous awards and accreditations, should give our members and our 88,000 employer customers confidence in The People’s Pension.”

FTRC’s workplace pension rating looked at the provider’s entire pension offering, while the auto-enrolment rating focused exclusively on the quality and functionality of a provider’s offing in that space.

 

Workplace pensions

Auto-enrolment

Gold

-Aegon (Workplace ARC & Master Trust)

-Aviva (Designer, My Money & My Money Master Trust)

-Royal London

-Scottish Widows (GPP, GSIPP & Master Trust)

-True Potential

-Aegon (Workplace ARC & Master Trust)

-Aviva (Designer, My Money & My Money Master Trust)

-Hargreaves Lansdown

-Royal London

-Salvus Master Trust

-Scottish Widows GPP

Silver

-Hargreaves Lansdown

-Salvus Master Trust

- Scottish Widows (GSIPP & Master Trust)

-True Potential

Bronze

-The People’s Pension

-The People’s Pension

Asked to not be rated

-Standard Life

-Nest

-Standard Life

-Nest

Failed to respond

-Legal & General

-Fidelity

-Legal & General

-Fidelity

According to Jason Green, head of workplace research at FTRC, providers are currently looking to both retain their existing customers and grow their book by transferring established schemes.

He said: “Such schemes, which have been in place for the last seven years, will have accumulated sizeable assets and will be attractive to other pension providers.

“Our research includes a broad mix of contract and master trust based schemes, which operate via various distribution channels and cater for different spectrums of employer.

“The granularity of research enables us to identify significant variation in the level of services provided by different types of workplace pension providers, with firms operating in the contract-based arena generally delivering richer support services.”

Adviser firms can access the full ratings and individual provider factsheets from the FTRC website.

They can also generate their own benchmarking reports, based on the 4,500 data items held, the firm said.

maria.espadinha@ft.com

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