Adviser pension recommendations in 2025 remained concentrated among a small group of providers, with Royal London, Aviva, Quilter and Prudential dominating personal pension plan (PPP) recommendations, according to Defaqto Engage data.
The data also shows that Royal London’s Pension Portfolio was the most recommended PPP by volume, accounting for 28.4 per cent of top-10 recommendations. Aviva’s Pension Portfolio remained in second place with a stable 21.2 per cent, while Quilter and Prudential both increased their shares to 18.0 per cent and 12.4 per cent respectively.
Defaqto’s research shows advisers most commonly selected COBS-driven criteria when researching pensions with provider strength, target market fit and service quality dominating selection as well as adviser charging options.
Additional selection factors focused on online functionality, income flexibility and death benefits. Meanwhile, digital valuations, online applications and flexible withdrawal options featured in adviser decision-making.
Defaqto Engage data also shows the retail SIPP market contracted slightly in 2025, leaving advisers choosing from 120 schemes offered by 83 providers.
Aviva Pension Portfolio remained the most recommended SIPP, with a 24.7 per cent share of top-10 recommendations, followed by Aberdeen and AJ Bell Investcentre. M&G Wealth and Parmenion also entered the top 10, while most leading providers saw little change in recommendation volumes.
Defaqto insight consultant Richard Hulbert says: “In positive news for Royal London, this is the second year its Pension Portfolio has topped the most recommended Personal Pension Plans table. However, alongside the Scottish Widows Retirement Account and Transact Personal Pension, it lost market share, with Royal London experiencing the largest decline at 5.0 per cent. This is greater than the combined increase seen across Aviva, Quilter and Prudential.
“Taking a wider market perspective, there is a significant opportunity for the remaining 52 Personal Pension Plans – representing 93 per cent of the market – which currently share just 35 per cent of adviser recommendations to increase their market share.”
