The ratings service, launched this month, is based on providers’ responses to 3,200 questions in F&TRC’s workplace pensions survey. The ratings are designed to help advisers and employers understand which providers are offering the most suitable workplace pension for their clients. Each provider has been awarded either a gold, silver or bronze ranking for their overall proposition.
F&TRC ranked providers based on product offering & administration, investment & fund options, record keeping & governance, scheme setup, joiners & leavers process, education, at-retirement options and auto-enrolment process.
Aegon UK, Aviva and Scottish Widows achieved silver ratings, while Legal & General, Now: Pensions and The People’s Pension were all ranked bronze.
F&TRC director Ian McKenna says: “We have gathered huge amounts of data from thousands of questions put to providers. I believe this process makes our ratings the most authoritative in the market. We thank those providers who have taken the time and effort to complete these data requests. We know it’s a lot to ask, but we’ve been encouraged that they, like us, recognise the importance of clear comparative data for a competitive marketplace to survive and thrive.
“It’s interesting to note that each of the nine providers actually excel in different categories. This is an important point. Our inaugural workplace pensions ratings clearly illustrate which providers excel for each of the vital eight sub-categories that make up a workplace pension proposition.”